Russia Will increase Oil Production In February and March
OPEC + members have agreed to cut oil production in February and March by 1.425 million barrels per day. This was announced by the Minister of Energy of Saudi Arabia Abdel Aziz bin Salman Al Saud following the results of the ministerial videoconference.
According to him, Saudi Arabia will reduce production by 1 million - to 8.1 million barrels per day. The other countries will also reduce the production by 425 thousand barrels per day in the interests of stabilizing the market.
At the same time, Russia and Kazakhstan will be able to increase production by 75 thousand barrels per day in February and March. The decision is a compromise between Moscow and Riyadh. Thus, the new Russian oil production quota under the OPEC + agreements will be 9.184 million barrels per day in February and 9.249 million barrels per day in March.
The next OPEC + meeting will take place in March. Earlier, Mohammad Barkindo, the Secretary General of the Organization of the Petroleum Exporting Countries, said that numerous threats of a fall in oil markets in the first half of 2021 continue to persist, despite the presence of a number of encouraging factors.