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Markets

Russia to cut 2020 oil output to 510-520mn tonnes

  • Novak, speaking shortly after OPEC, Russia and others agreed to extend record oil production cuts until the end of July. *Russia will fully comply with the deal this month, Novak told reporters in Moscow.
07 Jun, 2020

MOSCOW: Russia will cut its crude oil production to 510-520 million tonnes in 2020 from around 561 million tonnes in 2019, Energy Minister Alexander Novak said on Saturday.

Novak, speaking shortly after OPEC, Russia and others agreed to extend record oil production cuts until the end of July, said the United States had cut its oil output by 1.9 million barrels per day.

Russia will fully comply with the deal this month, Novak told reporters in Moscow.

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