June 29, 2018 / 11:32 AM / 4 months ago

Russia could raise oil output by more than 200,000 bpd: Novak

MOSCOW (Reuters) - Russia could increase oil output by more than 200,000 barrels per day (bpd) if needed to help OPEC and non-OPEC producers to increase production by one million bpd, Energy Minister Alexander Novak said on Friday.

FILE PHOTO: Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin

“If everyone agrees that more is needed,” Novak told reporters. “Of course we will also participate in order to ensure an increase by 1 million. If needed, with a larger scope of increase than 200,000.”

OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd, and Novak said that his country would add 200,000 bpd in the second half of this year.

Reporting by Anastasia Lyrchikova; Writing by Polina Nikolskaya; Editing by Maria Kiselyova and Louise Heavens

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