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2020-12-07 13:20:00

RUSSIA OIL PRODUCTION WILL UP

RUSSIA OIL PRODUCTION WILL UP

PLATTS - 03 Dec 2020 - Russian oil companies are ready to increase oil production by 125,000 b/d starting January as part of the 500,000 b/d production tweak agreed by the OPEC+ group on Dec.3, deputy prime minister Alexander Novak said.

OPEC and its non-OPEC partners agreed on Dec.3 to return 2 million b/d on the market gradually over the unspecified period starting with 500,000 b/d in January, easing a collective cut down from 7.7 million b/d to 7.2 million b/d.

"Russia's increase starting January is around 125,000 b/d, we discussed it with oil companies," Novak said during the OPEC+ press conference.

Despite having difficulties with increasing production in the winter period, Russia hopes to fully prepare for the output hike in the coming month, he said.

"We don't see any challenges in increasing production," Novak said.

It is not yet possible to assess changes to Russia's oil exports in January, but the output boost will have no substantial impact on the market, according to Novak.

Russia's conformity level for November will be determined at the next ministerial monitoring committee meeting to be held Dec. 16-18, but it will be "close to 100%," he assured.

In addition, Novak is set to meet with Saudi energy minister Prince Abdulaziz bin Salman on Dec. 19 in Riyadh to discuss the Russian-Saudi energy cooperation, as well as current market conditions.

Russia's oil output in November held steady on the month at 10 million b/d, including condensate. The country's quota for crude production under the agreement is 8.99 million b/d through December, excluding condensate.

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