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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