Moscow — The Russian energy ministry has told domestic oil producers to reduce oil output by about 20% from their average February levels, two industry sources told Reuters on Monday, which would bring Moscow in line with its commitment under a global deal.

Oil cartel Opec 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 (bpd) in May and June to combat oversupply triggered by the coronavirus crisis...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now