Altering production levels could mean a decline in exports for a number of companies. No decision was taken on altering dampers.

    Deputy Energy Minister Pavel Sorokin described the situation on fuel markets as stable.

    “The situation with supplying oil products to markets is stable,” Sorokin said. “There will be no fuel price rises for the consumer beyond the rate of inflation.”

     “The damper is neutral at this time. Other factors are affecting markets,” the deputy minister said.

      No recommendations or decisions were issued calling for damper adjustment.

    The main recommendation to emerge from the meeting – agreed by oil companies – was an increase in fuel reserves by May to 1.6-1.7 million tonnes.

    Any increase in reserves would be linked to a boost in production levels at Russian refineries. Refining levels should rise gradually over three to four months, beginning in February. But no mention was made of any specific figure for an increase in refining levels or in oil supplies provided by refineries.

    Increased supplies of oil on internal markets will lead to a reduction in oil exports from Russian vertically integrated oil companies 

    “Being a party to OPEC+ assumes a specific production timetable. If there is increased production from refineries starting in February, oil exports for a number of companies will be lower,” Sorokin said, adding that he was referring to companies owning oil refineries.    A decision was taken at the meeting to allow for a resumption of a joint directive from the Energy Ministry and Russia’s Anti-Monopoly Service to increase trades on the petrol market from 10 % to 11 % of volumes supplied on the domestic market and from 6 % to 7.5 % for diesel