June 29, 2018 / 11:32 AM / 6 months ago

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

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

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.

“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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