Russia to propose increasing OPEC+ oil output by 1.5 million bpd: Novak

MOSCOW (Reuters) - Russia plans to propose increasing oil production by the OPEC+ deal members by 1.5 million barrels per day (bpd), the Energy Minister Alexander Novak told reporters, days ahead his visit to Vienna for the related summit.

“The market is growing, (oil) demand is growing and we already see a balance in the market,” he said. Novak did not say how much Russia may increase its production, adding that it depends on each company’s capacity.

Novak also said that it would be reasonable to introduce increases in the third quarter when oil demand is highest and to meet in September to see how the market has reacted.