On Monday, Russian Energy Minister Alexander Novak and the country’s oil majors’ leaders discussed the possibilities of its oil output in the first quarter of 2021.
According to some energy sources, the oil companies and the minister assessed three options yesterday. The first option was to extend the current output cut into the first quarter of next year, the second is to raise oil production in January as planned, and the third is to further slash output.
Another industry source informed that there is also a possibility of a three-month extension of the Organization of the Petroleum Exporting Countries and non-member oil producers (OPEC+) output cut due to the impact of the coronavirus pandemic’s second wave.
According to the sources, the final output decision will fall on the hands of President Vladimir Putin. Last month, he did not eliminate the possibility of deeper oil cuts for longer if needed by the market.
In October, Russian oil and gas condensate production jumped to 9.98 million bpd from September’s 9.93 million bpd. The reading indicated that the country’s production was close to its quota or even a tad above it.
