Russia sees OPEC+ output rise meeting market demand

MOSCOW, Jul 30 (PRIME) -- The oil production increase in the framework of OPEC plus deal is not too aggressive for the market, Deputy Prime Minister Alexander Novak said on Friday.

"No, we do not see it like this. We see this as quite reasonable," Novak said, when asked whether the output growth was too fast.

"Demand is growing, consumption is growing. There is the coronavirus, various waves of it but there is still a general understanding that there are no lockdowns of the scale that used to be, transportation is recovering. We see it by consumption. This is why we need to satisfy the market and raise production in order to balance demand and supply," he said.

The OPEC plus alliance agreed on July 18 to prolong its oil output reduction deal until the end of 2022 and to increase combined oil production by 400,000 barrels per day each month starting from August 2021.

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