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Russia Able to Boost Oil Production Quickly If OPEC+ Agrees

  • Most analysts say Russia can increase production within weeks
  • Others see scarce spare capacity on doubts about old fields
Russian Oil Fields Ahead of 180th OPEC Meeting
Photographer: Andrey Rudakov/Bloomberg
Updated on

Russia will be able to keep pace with any easing of OPEC+ production cuts in both the short and medium term, according to analysts including Bank of America Corp. and Fitch Ratings Inc.

As the cartel discusses whether to boost output further in August, there has been renewed speculation about whether record production cuts could have permanently damaged Russian fields. While some old and inefficient wells have been shut for good in the past year, the country has largely preserved its pre-pandemic capacity, according to a Bloomberg survey of six analysts.