Russia could produce 11.5 million bpd of oil by March 2023: Deputy PM Novak
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By March 2023, Russia will reach its pre-Covid crisis oil production level of 10.5 million barrels per day and by March 2023 could be producing a record 11.5 million bpd, Deputy Prime Minister Alexander Novak said.

But this will only be possible, Novak said, if stability is upheld on markets between supply and demand and If the recommendations of the OPEC+ group on gradual production increases remain in place and are fulfilled.


    “We have a decision already taken that up to the end of next year, Russia can increase its production each month by 100,000 bpd. We can then achieve a level of 10.5 million bpd in May next year,” Novak told reporters.


   “That is our pre-crisis level and we can reach 11.5 million bpd 10 months after May 2022. This is a promising ceiling to which we will move further, also based on the schedule,” he added, referring to the 100,000 bpd increase each month agreed by OPEC+.


    He said the bar had been raised to 11.5 million bpd in order that Russian companies “might have the opportunity to develop further”.


     But reaching that level was possible only if supply and demand remained balanced on markets.

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