March 2, 2020 / 6:01 PM / a month ago

Russia's Lukoil expects OPEC+ to cut more than 1 mln bpd of oil output

BRUSSELS, March 2 (Reuters) - Vice president of Russia’s Lukoil oil producer, Leonid Fedun, said on Monday he expects OPEC+ to cut oil output by more than 1 million barrels per day in addition to existing restrictions.

He told reporters the coronavirus outbreak had hit oil demand but will have only a short-term impact and he believed that the Brent price would rise to over $60 per barrel in mid March.

“It is a pretty short-term impact in my view,” he said.

He also said he expected Russia, which is a part of OPEC+ global output cut deal, to cut its oil output by around 200,000-300,000 barrels per day. (Reporting by Vladimir Soldatkin, writing by Maria Tsvetkova; editing by David Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below