Energy

Russia's Novak expects OPEC+ to up oil output by 400,000 bpd in Nov

1 minute read

Russian Deputy Prime Minister Alexander Novak attends the Russian Energy Week International Forum in Moscow, Russia October 13, 2021. REUTERS/Maxim Shemetov/File Photo

RIYADH, Oct 25 (Reuters) - Russia expects OPEC+ to raise its output by 400,000 barrels per day (bpd) at the Nov. 4 meeting, as previously agreed, Deputy Prime Minister Alexander Novak told Reuters on Monday.

Novak also said he expects oil demand to reach a pre-pandemic level by the end of next year but said it was difficult to predict if oil prices will hit record highs as gas prices have done.

"Demand (for oil) can decline as there is still uncertainty. We also see there is yet another pandemic wave spreading across the world," Novak said.

The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the alliance is known, raised its output targets by 400,000 bpd in September. read more

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Reporting by Yousef Saba in Riyadh; Writing by Ghaida Ghantous and Andrey Ostroukh; Editing by Chris Reese

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