OilPrice.com
Russia’s crude oil production is on the rise so far in May, Deputy Prime Minister Alexander Novak told TASS news agency on Monday.
Russia’s crude oil production slipped by half a million bpd in March, by a full million bpd in April, with many analysts stating concern that those barrels may never return to the market. April’s OPEC+ production quota was set at 10.436 million bpd.
But according to Novak, the picture isn’t quite so bleak, with Russian crude oil production now stabilizing despite sanctions.
“Looking at the figures of early May, they are better than in April. The situation is stable, the output increased in comparison to April. We are counting on partial recovery of data in May and that it will be better,” Novak told TASS, without quantifying the increased production figures.
