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Russia has no plans to increase oil output

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Christian 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.
Alexander Novak
Energy Minister   Alexander Novak
Data from the ministry released on Thursday by Interfax also showed that Russian oil production was 11.29 million barrels per day (bpd) in March, unchanged from a month earlier.

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.


 

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