Report: Novak: Russia’s oil output recovers to 9.9 mln bpd in June

MOSCOW, Jun 30 (PRIME) -- Russia’s oil output has recovered to an average of 9.9 million barrels of oil per day in June, Deputy Prime Minister Alexander Novak said in an interview with Rossiya 24 television channel on Thursday.

“Our production has recovered from a fall in March and April. In June, we have managed almost to reach the level of February. We produced 10.2 million barrels of oil per day then, and we have reached an average of 9.9 million barrels per day in June,” he said.

Most of Russia’s oil and oil products have been redirected to Asia, where it is bought with pleasure, he also said.

The West’s idea to limit prices for Russian oil is another political decision that will result in a misbalance on the market and higher prices, Novak added.

Novak also said that the OPEC+ decided at a Thursday meeting to increase oil production by 648,000 barrels per day in August. The next meeting of the alliance will take place on August 3, he added.

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