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Commodities

Russia's Lukoil says to cut oil output by 290,000 bpd/day: Ifx

FILE PHOTO: Lukoil logos are pictured at Gorkovsky Automobile Plant (GAZ) in Nizhny Novgorod, Russia April 16, 2019. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russia’s No.2 oil producer Lukoil will reduce its output by 40,000 tonnes per day (290,000 bpd) as part of a global agreement, Interfax news agency reported CEO Vagit Alekperov as saying.

The OPEC+ group of oil producing countries have agreed to reduce output by 9.7 million barrels per day in May-June as the spread of the coronavirus slashes demand.

They plan lower cuts thereafter.

Lukoil expects a year-end oil price of $30 per barrel, Alekperov said.

Reporting by Vladimir Soldatkin; editing by Jason Neely

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