Russia expects up to 15% drop in oil output in 2020: Ifx - Reuters

Russia expects up to 15% drop in oil output in 2020: Ifx - Reuters:

Russian Energy Minister Alexander Novak on Wednesday said the country’s oil output could fall by up to 15% this year, Interfax news agency reported, representing its first annual decline since 2008.

Novak cited this month’s deal between the Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers to cut their combined oil output by almost 10 million barrels per day (bpd) in May and June to combat slumping prices in the face of the coronavirus pandemic.

Russian oil output will decline to between 480 million and 500 million tonnes (9.6 million bpd to 10 million bpd), from 2019’s post-Soviet high of 560 million tonnes, Novak said.