WSJ: Russia and Saudi Arabia agreed to begin increasing oil production in March

Russia and Saudi Arabia have agreed on new conditions for oil production. This was told by sources of the Wall Street Journal.

According to the publication, the mills decided to keep the current restrictions on oil production until March, and then increase production. The WSJ writes that the agreement will be officially announced at the talks by an OPEC+ representative on January 5.

UPDATED
20:08 Russia in February will be able to increase oil production by 65 thousand barrels per day, Kazakhstan - by 10 thousand, and by the same amount in March, RIA Novosti . reports citing a source The agency added that all other countries of the alliance will not increase production, and Saudi Arabia will reduce it.

21:03 & In February and March 2021, Russia and Kazakhstan will be able to increase oil production. This was reported by Informbureau.kz with reference to the press service of the Ministry of Energy of Kazakhstan. Saudi Arabia will additionally reduce oil production in February and March by about 1 million barrels per day - up to 8.125 million, RIA Novosti . reports

Against the backdrop of information about the agreement, the price of Brent crude on the London ICE exchange rose by 3.8% to $53 per barrel.

In early December, the OPEC+ countries agreed to increase oil production by 500 thousand barrels per day from January, with further monthly revisions. This deal can affect not only oil prices - OPEC + decisions affect the fate of the entire energy industry.

In April 2020, OPEC+ countries agreed to record production cuts after the collapse in oil prices amid the COVID-19 pandemic. The new agreement is designed for two years (until May 1, 2022) and involves a gradual restoration of production.