Russian companies will increase their oil production by 200 thousand barrels per day (bpd) as of July 1, Russian Energy Minister Alexander Novak said Friday.
Speaking to journalists in Moscow, Novak said that the decision to ramp up output followed the recent agreement between OPEC and some non-OPEC countries to add around 1 million bpd to global oil supply as of next month.
The decision to increase daily oil production was taken at a June 23 meeting in Vienna.
Russia had pledged to reduce its daily oil production of 11.24 million barrels by 300,000 barrels, as part of OPEC oil output agreement of 2016.
OPEC and non-OPEC oil producers had agreed in late 2016 to cut their output by 1.2 million bpd in order to trim a supply glut in the global market. They began implementing the agreement in January 2017 and later extended it until the end of this year.
Reporting by Emre Gurkan Abay in Moscow
Writing by Firdevs Yuksel
Anaodlu Agency
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