OPEC allows Russia, Kazakhstan to raise output

The Organization of Petroleum Exporting Countries (OPEC) and non-bloc producers agreed to allow Russia and Kazakhstan to slightly raise oil output in the next two months.

In accordance with a deal published by the OPEC, Russia will increase its output by 65,000 barrels per day (bpd) from the January level to 91,84,000 bpd in February and by another 65,000 bpd to 9,249,000 bpd in March, the Xinhua news agency reported.

Kazakhstan will boost its production by 10,000 bpd to 14,27,000 bpd in February and by another 10,000 bpd to 14,37,000 bpd in March.

All the remaining participants in the OPEC+ mechanism will keep their output unchanged from January.

The OPEC+ has introduced caps on production to stabilize global oil prices.