Russia close to February's level of oil output, growth could continue in July - Novak

ST. PETERSBURG. June 16 (Interfax) - Russia has restored oil production to a level close to the figure recorded in February, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF) 2022.

Novak noted that growth in oil output in Russia could continue in July.

"I think that there are prerequisites for us to continue [boosting production] in July. We see that we have a rather substantial increase of about 600,000 barrels, by about 5%-6%, compared to May. In fact, we are close to recovering to the February level, which was 10.2 million barrels," Novak said.

According to Novak, a further rise in oil production depends on the plans of companies for production, exports, and supplies to the domestic market, which in turn depends on demand.

Novak noted that the situation on the global oil market could contribute to a further increase in prices, though everything depends on the balance of supply and demand.

"I hope that demand continues to recover. There are specific risks and uncertainties associated with the lockdown in China, so we will see how the global economy and consumption develop," Novak added.