Russia has no plans to increase oil outputChristian Fernsby ▼ | April 3, 2020
Russia has no plans to crank up its oil output because the market is already oversupplied, even though a deal with OPEC to curb production has expired, Energy Minister Alexander Novak told Reuters on Thursday.
Energy Minister Alexander Novak
Topics: Russia oil
International crude prices have fallen about 50% to under $26 a barrel since the Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia failed last month to extend their output deal. ■