Oil production recovery in Russia to peak in June - Novak

MOSCOW. June 2 (Interfax) - The recovery of oil production in Russia relative to previous months could peak in June, judging by production figures for the beginning of the month, Deputy Prime Minister Alexander Novak told the Rossiya 24 TV channel.

"Our production fell slightly in March and April. It recovered to some extend in May. We see a bigger recovery in June. We are finding a point of equilibrium in the situation that is emerging due to restrictions, changes in logistics chains, and rising shipping costs. I think in June we will have the maximum recovery relative to previous levels," he said.

He said the imbalance in production had affected refinery utilization.

Russia reduced production of oil without condensate by 0.86 million barrels per day in April compared with March to 9.16 million bpd, according to a report by the OPEC+ technical committee. A source with knowledge of industry data told Interfax Russia raised production 1.1% in May compared with April, in other words to around 9.3 million bpd.

Novak said earlier that oil production with condensate had fallen roughly 1 million bpd in April compared with March but risen 200,000-300,000 bpd in May. He said he was sure production in Russia would continue to recover.