April 27, 2020 / 2:31 PM / a month ago

Russia to cut May oil output by 19% from February-March: Interfax, citing Lukoil

MOSCOW (Reuters) - Russia will cut its May oil output by 19% to 8.5 million barrels per day (bpd) from its February-March level of 10.4 bpd, Interfax news agency reported on Monday, citing Lukoil’s head of investor relations.

Lukoil will have to reduce its oil output in Russia by 300,000 bpd in May, compared with February, but Russian quotas will not affect Lukoil’s activities in other countries, said Alexander Palivoda.

The Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia, a group known as OPEC+, agreed this month to cut their combined production by 9.7 million bpd in May and June to support the oil market.

Other leading oil producers, such as the United States, Norway and Canada, are also expected to join the cuts. Together with OPEC+, the cuts could total 20 million bpd, or about a fifth of global oil production.

Reuters this month reported that the Russian energy ministry has told domestic oil producers to reduce output by about 20% from their average February levels, which would bring Moscow in line with its commitment under the global supply pact.

Reporting by Maria Tsvetkova; Editing by David Goodman

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