Russia Oil CEOs See OPEC+ Hiking Output Again as Market Heats Up
- Oil above $70 shows more supply is needed, says Lukoil boss
- Gazprom Neft CEO says group could boost supply at July meeting
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The bosses of two of Russia’s main oil companies expect OPEC+ to raise output further this year as the market heats up, perhaps as soon as its July meeting.
The group, of which Russia is joint leader with Saudi Arabia, is currently restoring about 2 million barrels a day of idle production in monthly installments that end in July. The alliance may need to keep ramping up in August or September to feed the demand recovery, said Gazprom Neft PJSC Chief Executive Officer Alexander Dyukov.