Reuters exclusively reports Russia orders companies to cut oil output by 20% from February levels

Reuters exclusively reported that the Russian energy ministry has told domestic oil producers to reduce oil output by around 20% from their average February levels which would bring Moscow in line with its commitment under a global deal. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia, a group known as OPEC+, agreed to cut their combined oil output by 9.7 million barrels per day in May and June in order to combat oversupply triggered by the coronavirus crisis.