Russia increases oil production in January

Russia increased oil production in January, but production remained below OPEC+'s quota in the second month.

Oil producers pumped 46.53 million tons of oil in January, according to the CDU-TEK statistical office of the Russian Ministry of Energy.

OPEC and some non-OPEC producer countries led by Russia will meet today to determine their production policy in March.

About half of the coalition members expect the oil production policy of 400,000 barrels per day to be maintained.