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.
Reuters exclusively reports Russia orders companies to cut oil output by 20% from February levels
20 April 2020, 12:00 am 1 minute
Type: Reuters Best
Sectors: Commodities & Energy