March 2, 2020 / 6:02 PM / a month ago

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

BRUSSELS (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

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