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China Petroleum & Chemical News.
Russia’s production quota has been increased twice before April, and increased by 65,000 barrels per day in February and March.
OPEC+ will increase oil production by 2 million barrels/day in May-July, demonstrating its confidence in improving demand.
The TASS news agency quoted the Russian Ministry of Energy as reporting that production cuts were one of the reasons for the decline in Russian oil exports in the first four months of this year.
As a result of participating in the OPEC+ agreement, Russian oil production fell from last year's record high for the first time in 10 years.
Because of these predictions, Russia needs to monetize its oil wealth when possible, or as the head of the Energy Committee of the Russian Parliament said earlier this year: “Everything that can be produced should be produced when there is still demand for sales.
This is the basic situation or the most likely situation formulated by the Department of Energy.
Wang Lei excerpted from today's oil prices
The original text is as follows:
Russia Boosted Oil Production In April
Russia produced 10.
Russia's production quota had been upped twice before April, by 65,000 bpd in February and March.
OPEC+ in total will increase its oil production by 2 million barrels daily between May and July, signaling its belief in improving demand.
The production cuts were among the factors that drove Russia's oil exports lower in the first four months of the year, the Energy Ministry said, as quoted by TASS.
Russia's oil production fell from record highs last year for the first time in a decade due to its participation in the OPEC+ pact.
Because of these projections, Russia needs to monetize its oil wealth while it can, or, as the head of the energy committee at the Russian parliament put it earlier this year, "Everything that can be produced should be produced while there is still demand to sell it.
This is the base-case or most likely scenario developed by the Energy Ministry.
