Two countries – Russia and Kazakhstan – will increase oil production in February and March due to the share of Saudi Arabia. The OPEC + countries have come to such an agreement, reports TASS with links to sources in the organization.
It is noted that Saudi production will be reduced by 75 thousand barrels per day. This share will go to Russia and Kazakhstan in the proportion of 65 thousand and ten thousand barrels per day, respectively.
According to the sources of the agency, this decision allowed Russia and Kazakhstan to get the production growth they were seeking. At the same time, the rest of the countries were also satisfied, since the final supply on the market will not grow. Another source noted that Saudi Arabia agreed to the reduction of its share voluntarily.
Previously The Wall Street Journal reported that Moscow and Riyadh were able to reach a compromise on oil production. In particular, they decided to maintain the current production level in February, and are planning to increase production in the spring.