Russia is expected to restore oil production by 85% in 2022 from the maximum reduction level in May-June 2020 as part of the OPEC+ agreement, the country’s Deputy Prime Minister Alexander Novak said in an interview with Russia-24 news channel after the OPEC and non-OPEC Ministerial Meeting on Tuesday.

Key quotes (via TASS)

"For Russia, it means that in February we will reach 85% in the production recovery from the maximum reduction level we had in May and June 2020. That is, we will restore 1.7 million barrels per day.”

"As for Russia’s compliance with the deal in November, the level was 97%. As before, we are almost 100% compliant with our commitments."

OPEC and its allies agreed on Tuesday to maintain a planned increase of 400,000 barrels per day in its crude output quota for February.

WTI reaction

WTI was last seen trading at $76.65, little changed on the day, consolidating the previous advance to six-week highs of $77.48.