Russia To Raise Oil Production Under New OPEC+ Deal

Source: Tsarizm Staff

Crude prices rise on International markets as OPEC+ reaches deal on production increase.

Members of the oil cartel OPEC and their partners agreed Tuesday to raise output slightly in February and March, but only in Russia and Kazakhstan.

Overall the amount of crude oil the group has voluntarily withdrawn from global markets is to decline from 7.2 million barrels per day (mpd) to 7.125 mbd in February, and 7.05 mbd in March, the OPEC+ group said in a statement issued at the end of its first ministerial meeting of the year.

It called at the same time for caution on the part of those active in the sector owing to the coronavirus pandemic…

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