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Russia Targets Higher Oil Output for July

OIL

Russia intends to increase oil production next month according to Russia’s Deputy Prime Minister Alexander Novak.

  • "In fact, we are close to the February levels when we had it at 10.2 million barrels per day, we plan to increase it further in July depending on companies' plans," Novak said a short while ago.
  • “Production is being restored as companies redirect flows” he added.
  • In a separate interview, Russia’s energy minister, Nikolay Shulginov said Russian oil production is expected to remain either flat or decline by 3-5% this year.

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