Russia Says Ready to Pump Oil at Record Rate If Market Requires
- Could add 300,000 barrels a day within a year, Novak says
- OPEC, allies to discuss if more supplies needed later in Sept.
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Russia has the capacity to set a new oil-production record, but won’t decide whether the market needs those additional supplies before a meeting later this month with its OPEC allies.
The country could boost output by as much as 300,000 barrels a day in the medium-term, which would beat the post-Soviet record set in October 2016, Russian Energy Minister Alexander Novak said on Wednesday. It’s in everyone’s interest to keep the oil market balanced, so Russia will discuss supplies with the Organization of Petroleum Exporting Countries in Algiers on Sept. 23, he said.