On Saturday, Russian Energy Minister Alexander Novak stated that the country would cut its crude oil production to 510-520 million tonnes this year, from 2019’s 561 million tonnes.
Novak also said that the Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) have agreed to prolong the oil production cut pact until end-July.
He also expressed Russia’s commitment on the deal this month.
