Russia may continue to cooperate with OPEC+ beyond 2022: Novak

Russian Deputy Prime Minister Alexander Novak

Russia plans to increase oil production in July as export flows are being redirected to avoid Western sanctions, Reuters reported, citing Deputy Prime Minister Alexander Novak.

“We are close to the February levels when we had it (oil production) at 10.2 million barrels per day (bpd), we plan to increase it further in July depending on companies’ plans,” Deputy Prime Minister Alexander Novak told reporters.

He stated Russia could continue cooperating within the OPEC+ oil production agreement beyond 2022 and details on the formulation of Russia’s future agreement with OPEC will be clearer by year-end.

Russia saw the current situation in the global oil market as balanced, Novak said in remarks at the annual economic forum in St. Petersburg.

In its monthly report released on June 15, the International Energy Agency said Russia’s oil-export revenues swelled to around $20 billion in May despite shipping lower volumes.