Russia backs 0.5m bpd oil output hike

Russia expects to support an increase in oil production by the group known as OPEC+ of another 500,000 barrels per day (bpd) from February at next month’s summit of leading global oil producers, Russian Deputy Prime Minister Alexander Novak said.

Oil prices are trading above $50 per barrel, after coming under pressure this week from concerns new fast-spreading variants of the coronavirus will lead to reduced fuel demand.

In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production, which has been significantly reduced as part of the OPEC+ supply deal.