Russia will not increase oil production from April 1
US, WASHINGTON (ORDO NEWS) — Russian oil companies will not increase oil production from April 1, when OPEC + restrictive agreements expired, Bloomberg said, citing sources.
At the same time, Saudi Arabia on April 1 already raised oil production over 12 million barrels per day, a source in trading circles told TASS. Official comments from the Ministry of Energy of Russia and Saudi Arabia could not be obtained.
Earlier, the head of Tatneft, Nail Maganov, told TASS following a meeting of oil workers at the Ministry of Energy that there was no economic feasibility to increase production in April, as an overabundance of oil pressured the market due to the influence of coronavirus.
The plans of Saudi Arabia were announced earlier, and they are fundamentally different from the position of Russia. So, the Saudis intend to raise oil production to 12.3 million barrels per day, which is a third higher than the level of March.
At the same time, the kingdom plans to increase the export of raw materials to 10.6 million barrels per day, which will be possible, among other things, by reorienting supplies from the domestic market.
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