• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 9 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Energy Armageddon
  • 16 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 15 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 4 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Goldman Betting on Cryptocurrencies
  • 7 days Сryptocurrency predictions
  • 12 days Putin and Xi Bet on the Global South
Nigeria’s Oil Industry Can Flourish Despite Oil Theft

Nigeria’s Oil Industry Can Flourish Despite Oil Theft

While Nigeria’s oil industry is…

The U.S. Shale Boom Is Officially Over

The U.S. Shale Boom Is Officially Over

While U.S. oil and gas…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Is Ready To Return To Pre-Pandemic Oil Production

  • Russia’s Deputy Prime Minister Alexander Novak claimed that the countries oil companies are ready to raise production to pre-pandemic levels
  • If OPEC+ sticks to the original agreement of bringing 400,000 barrels per day of oil online each month, that would see Russia reach pre-pandemic levels by May 
  • While OPEC+ is set to meet to discuss pausing the production increases, Russia sees no reason to hold back at the moment

All Russian oil companies have confirmed they can raise production to the levels before the pandemic if the alliance chooses to proceed with monthly increases in output, Russian Deputy Prime Minister Alexander Novak said on Monday.  “I don’t see any problem, all our companies confirm that they are ready to raise production to the levels from before the cuts,” Novak said on the sidelines of the Russian-Chinese Energy Business Forum, as quoted by the TASS news agency. 

If OPEC+ were to raise production by 400,000 barrels per day (bpd) each month, Russia should reach its oil production levels from before the pandemic by May, according to Novak. 

Some members of the alliance led by Russia and Saudi Arabia have been struggling with reaching their quotas in recent months, so OPEC+ has been actually adding less than the per-agreement increase of 400,000 bpd each month. Most of the underachievers are from OPEC, especially African members Angola and Nigeria, analysts and tanker-tracking services have found in recent weeks. 

OPEC+ ministers are meeting on Thursday to decide how to proceed with the cuts in January. The meeting comes amid new COVID travel restrictions imposed by many countries due to the new Omicron variant of the virus found in South Africa earlier this month.

Related: Green Fintech Is A New Trend Investors Can’t Ignore

Some analysts think that OPEC+ will decide to pause the monthly production hikes, at least in January, due to the threat to oil demand from the new variant and a likely surplus on the oil market early next year. 

OPEC+ will discuss potential measures at the meeting, Novak said at the forum today, but noted that Russia currently doesn’t see the need for urgent measures. 

“We don’t see such a need, we will carefully monitor the situation, but there is no need to rush to hasty decisions,” Novak, Russia’s chief oil policy negotiator at OPEC+, said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News