The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will gradually increase the oil production between May and July, Russian Deputy Prime Minister Alexander Novak was quoted by Interfax news agency as saying on Friday.
Former energy minister refers to a recent deal of OPEC+ ministers according to which the major oil producing countries will increase their output after April. The group’s production will increase by 2.1 million barrels per day (bpd) until the end of July, easing the current production cut of 7.9 million bpd.
Novak also said that Russia’s energy ministry was ready to support export curbs on oil products in order to bolster the domestic market.
-Russia, Belarus to integrate oil industries
Russian minister also said his country had drawn up a roadmap for how to integrate their oil industries.
"We have already signed a roadmap for electrical energy, while a roadmap for oil and oil products is waiting to be signed," Novak told a news conference in Minsk.
A similar detailed strategy for Russian-Belarusian cooperation in the gas industry is being finalized, Novak said.
In 2019, Russia and Belarus agreed to develop approximately 30 "roadmaps" to facilitate integration across multiple spheres. The signing of the agreement marked the 20th anniversary of the two neighbors forming a Union State.
By Sibel Morrow