Novak: OPEC+ decision to enable Russia to resume oil output by 90%

The decision made by OPEC+ ministers earlier on Wednesday on an increase in oil output by 400,000 barrels per day in March will enable Russia to resume its production by 90% of the pre-pandemic level, Russian Deputy Prime Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel.

"The conference decided to increase [oil production] by 400,000 barrels per day. For Russia it means that in March it will be able to additionally increase [production] by 100,000 barrels per day again. It will enable us to restore the level of reduced volume by 90%. As a reminder, in May 2020 Russia slashed production by 2 mln barrels per day, and considering the decision made we will see 1.8 mln barrels per day recovered as early as in March," he explained.

OPEC+ and Russia continue demonstrating a high level of the oil output reduction deal’s compliance, Novak added. "In December, as was noted, the total level of compliance with the agreement was 122%," he said. "Russia’s monthly compliance is close to 100%, with December being no exception," Deputy PM added.

Earlier on February 2, OPEC+ ministers decided to continue increasing crude oil production by 400,000 barrels per day in March.

OPEC+ participating nations have been increasing output by 400,000 barrels per day since August 2021, though due to uncertainty on the oil market, they have been reaffirming this plan each month via videoconferences. According to this schedule, they were to cut crude production by 3.359 mln barrels per day in January 2022, and by 2.959 mln barrels per day in February.

According to March output schedule, Russia and Saudi Arabia will be able to produce 10.331 mln barrels per day each during this month. Total output of OPEC+ states may equal 41.294 mln barrels per day in March.