Rosneft increased its crude oil production by 70,000 bpd over the last two days, the company told investors, in preparation for an OPEC+ decision to start easing production quotas, Bloomberg reports , citing Russian asset manager Renaissance Capital. The company has a spare production capacity of between 120,000 and 150,000 bpd , and its average daily production during the first quarter was 4.57 million bpd. According to Rosneft’s press service, the company is still producing with the quota assigned it under the OPEC+ deal but the fast ramp-up is a clear indication Russia’s largest oil producer is eager to return to higher daily rates, especially after the sevenfold increase in attributable net profit in the first quarter thanks to improving prices. At the release of the Q1 figures, Rosneft said it could quickly bring back production of 100,000 bpd. Last week oil prices started sliding down after reports quoting […]