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