Russia intends to approve production cut extension

27 May 2020 10:35 AM

According to reports, Russian Energy Minister Alexander Novak met with local oil producing companies to discuss ways to extend the production cut deal after June, a step confirming his intention to support joint efforts to stabilise global oil markets.

This comes after oil producers met last month and succeeded in reaching a deal to cut production by about 10 million bpd during May and June to reduce the risks of declining global demand resulting from the coronavirus pandemic.

Russia was among the most successful countries in complying with the unanimously agreed production cut levels. Novak said on Monday that he expects supply and demand in the global oil markets to balance in the next two months.


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