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6/16, 11:44 AM (Source: TeleTrader)
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Novak: Russia might increase oil output in July

Russian Deputy Prime Minister Alexander Novak said Russia will likely increase oil production in July in comparison to June, as oil exports are expected to grow this month, the deputy prime minister revealed on the sidelines of the St. Petersburg International Economic Forum on Thursday.

Novak explained that the latest production increase of 600,000 barrels per day brings oil production close to its February level. However, the country intends to reduce crude oil exports slightly in June, warning that oil prices may rise even further before the end of the year, noting that it will heavily depend on the balance of supply and demand.

Despite market uncertainties caused by pandemic lockdowns in China, Moscow remains confident that it will be able to restore production to pre-crisis levels, as companies are redirecting export flows and establishing new production chains, according to the deputy prime minister.

Baha Breaking News (BBN) / AB