Pavel Sorokon, a Russian Deputy Energy Minister, hinted that Russia could lift its oil production back to pre-OPEC cuts deal levels, in an interview with Reuters.
Key Quotes:
“Speaking about the potential in the short run, growth potential (in Russia) is at least 300,000 bpd, which was cut voluntarily by the companies as part of the OPEC agreement.”
“Within a few months, we surely will be able to restore that level if such a decision is taken.”
“There is not enough infrastructure, there are certain bottlenecks with the staff availability, equipment while lifting costs have started to creep up.”
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