Moscow-Sana
Russian Deputy Prime Minister Alexander Novak announced that his country will increase oil production in July on a monthly basis.
TASS news agency quoted Novak as telling reporters on the sidelines of the St. Petersburg Economic Forum: “I think that there are prerequisites to continue boosting production next July, and we see a somewhat noticeable increase in June compared to May by 600,000 barrels per day, and this means that we are on the verge of restoring the level of production.” Which we were in last February.
Novak explained that his country plans to "reduce exports in June with an increase in the use of refineries, after it had risen significantly when refining volumes decreased, and for this reason the quantities released during the months of April and May were exported."
Since the spring of 2021, oil production in Russia has increased at a gradual pace, but it declined in March 2022 after the West imposed a set of illegal sanctions under the pretext of the Russian military operation in Ukraine.
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