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Russia views an oil price between $45 and $55 per barrel as the optimum level to allow for its oil production recovery, Reuters reported, citing Russian Deputy Prime Minister Alexander Novak.
He added that Russia will support an increase in oil production by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) by 500,000 barrels per day (bpd) as of February if the situation remains normal and stable.
OPEC+ is scheduled to hold its next online meeting on Jan. 4, when it is expected to discuss whether to release another 500,000 bpd in February.
