Russia Plans to Increase Oil Production Through OPEC+

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Russia is considering submitting a proposal to oil alliance OPEC+ for a further increase in oil production. Russian officials told Bloomberg news agency.

 

The Organization of Oil Exporting Countries (OPEC) and its allies, including Russia, will meet next week to discuss the production.

A possible production increase in August will be discussed at the meeting of the oil ministers of the OPEC+ countries on 1 July. Moscow would then want to propose a boost, now that the oil demand is picking up strongly due to the economic recovery from the corona crisis.

That recovery has pushed oil prices to their highest level in more than two years and is said to have again caused shortages in the oil market.

OPEC+ is already gradually ramping up production through July. However, Saudi Arabia, which is seen as the leader of OPEC, has not hinted much about its position. Last week, the Saudi oil minister said that he wants to see clear evidence of stronger demand before further ramping up production.

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