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OPEC+ will continue to increase oil production in March

OPEC+ ministers voted to keep the plan to increase oil production in March, according to a press release on the alliance's website.

Thus, oil production in March will increase by 400,000 barrels per day.

The next ministerial meeting will take place on March 2.

Last June, oil exporting countries, including Russia, decided to increase oil production by 400 thousand barrels per day every month until the restrictions expire. As of January 2022, the restrictions amounted to about 4 million b/d. OPEC+ members agreed to meet every month.

Earlier, Deputy Prime Minister of Russia Alexander Novak said that in 2022 Russia will restore oil production by 85% from the level of the maximum reduction in May-June 2020 under the OPEC+ agreement, which is 1.7 million barrels per day.

OPEC+ will continue to increase oil production in March