Russia Wants to Increase Oil Production

Russia wants to increase oil production. Russia will propose to increase oil production at the OPEC+ meeting on July 1.

According to Bloomberg News, Russia plans to propose an increase to its production at the OPEC+ meeting next week. Some sources close to the subject stated that Russia expects the global oil production deficit to continue in the medium term, while the final decision for the meeting to be held on July 1 is still in the process of being formed. The International Energy Agency (IEA) warned OPEC+ countries at the beginning of June that they should increase their production capacity and meet the market demand well. Goldman Sachs, on the other hand, stated that it expects a deficit of close to 3 million barrels per day due to the lack of production from Iran. Saudi Arabian Energy Minister Abdulaziz bin Salman underlined that he would like to see clear evidence that the recovery is really strong before deciding to produce more. Unlike Saudi Arabia, Russia wants production increases. One of the largest oil producers in the country said this month that OPEC+ should increase production. Deputy Prime Minister Alexander Novak will meet with the country's major oil producers on Tuesday to assess the state of the market.