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Russia: Moscow to boost oil output to 200-300 thousand barrels a day – Energy Minister Novak03:30

Russia: Moscow to boost oil output to 200-300 thousand barrels a day – Energy Minister Novak

Russian Federation, Moscow
March 10, 2020 at 12:08 GMT -00:00 · Published

Russian Energy Minister Aleksander Novak stated that Moscow is about to increase crude oil production to between 200-300 thousand barrels a day in the near future, while commenting on the failed OPEC+ deal on further production cuts in Moscow on Tuesday.

“We can increase output. I believe in the short term we can increase output up to 200-300 barrels a day, then I think up to 500 barrels a day,” Novak said.

Such a decision would likely be the result of last week’s OPEC+ meeting in Vienna, in which further production cuts were not agreed upon.

“Unfortunately, our OPEC + partners made a decision themselves at the OPEC meeting, the only decision [they wanted was] to reduce production by 1.5 million barrels [per day] till the end of the year and did not consider any other options at all. In fact, this led to no agreement reached from April 1 and this situation from April 1. In this case all the countries are free to manage their outputs by themselves and to establish the situation,” the minister said.

“The next meeting is scheduled in May-June in order to consider the market situation,” Novak added.

On March 6, the collapse of the OPEC+ talks led to oil prices dropping 30 per cent. On the following Monday, bonds of Russian oil companies such as Lukoil and Novatek fell by more than 20 per cent, and the Rouble hit a 4-year low, slumping to 75 versus the dollar.

Russia: Moscow to boost oil output to 200-300 thousand barrels a day – Energy Minister Novak03:30
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Russian Energy Minister Aleksander Novak stated that Moscow is about to increase crude oil production to between 200-300 thousand barrels a day in the near future, while commenting on the failed OPEC+ deal on further production cuts in Moscow on Tuesday.

“We can increase output. I believe in the short term we can increase output up to 200-300 barrels a day, then I think up to 500 barrels a day,” Novak said.

Such a decision would likely be the result of last week’s OPEC+ meeting in Vienna, in which further production cuts were not agreed upon.

“Unfortunately, our OPEC + partners made a decision themselves at the OPEC meeting, the only decision [they wanted was] to reduce production by 1.5 million barrels [per day] till the end of the year and did not consider any other options at all. In fact, this led to no agreement reached from April 1 and this situation from April 1. In this case all the countries are free to manage their outputs by themselves and to establish the situation,” the minister said.

“The next meeting is scheduled in May-June in order to consider the market situation,” Novak added.

On March 6, the collapse of the OPEC+ talks led to oil prices dropping 30 per cent. On the following Monday, bonds of Russian oil companies such as Lukoil and Novatek fell by more than 20 per cent, and the Rouble hit a 4-year low, slumping to 75 versus the dollar.

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