Russia backs OPEC plan for nominal lift to oil production

VIENNARussia on Saturday threw its support behind Saudi Arabias plan to ramp up global oil production in the face of higher prices, after more than a year of holding back output in coordination with OPEC.

Russian Energy Minister Alexander Novak said his country backed a plan by the Organization of the Petroleum Exporting Countries to raise crude production by a nominal one million barrels a day starting next month. Though, the actual increase is expected to be around 600,000 barrels a day, according to people familiar with the matter, due to some producers being unable to increase output.

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Thats far lower than the 1.5 million barrel a day increase Russia had been targeting ahead of a series of OPEC-led meetings in Vienna this week.

Non-OPEC countries have made the decision to join OPEC in reducing [compliance] with the deal [to 100%, in an effort to add more barrels of oil on the market]. Russian Energy Minister Alexander Novak

OPEC and 10 producers outside the oil-cartelincluding Russiahave been holding back oil output by around 1.8 million barrels a day since the start of last year in an effort to rein in a supply glut that had weighed on prices since late 2014. But as a result deeper cuts from countries like Saudi Arabiathe de-facto head of OPECand production outages in other OPEC countries, compliance with the deal has exceeded the planned quotas, rising to

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