Russia’s largest oil producer, Rosneft ROSN.MM, would be able to commission its spare oil production capacity of 300,000 barrels per day within three months, Renaissance Capital analysts said in a note a day after an online meeting with company managers.

Rosneft accounts for more than 40% of Russia’s total oil production.

Renaissance Capital said Rosneft continues to manage its upstream output in line with OPEC+ curbs aimed at balancing the oil market.

Rosneft confirmed plans to commence development drilling at its flagship Payakha field in 2022, Renaissance Capital said. It has maintained its “buy” rating on Rosneft’s shares.
Source: Reuters (Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Jason Neely)