Russia's Rosneft incurs $2.1 billion first-quarter loss, cuts output - Reuters

Russia's Rosneft incurs $2.1 billion first-quarter loss, cuts output - Reuters:

Russia’s largest oil producer, Rosneft (ROSN.MM), on Friday reported a first-quarter loss of 156 billion roubles ($2.1 billion) hurt by the spread of the coronavirus and a weaker rouble.

Rosneft, which accounts for around 40% of Russia’s total oil production, also said it cut its oil and gas condensate output in the first three months of the year by 2.2% from the year-earlier period to 4.64 million barrels per day (bpd) due to a global pact to curb output.

The global oil industry has been hit by weak oil prices, which declined by around two-thirds in January-March due to a supply glut and the economic fallout from the spread of the novel coronavirus.

To tackle the impact of the spread of the virus and overproduction, a group of leading oil producers including Russia, known as OPEC+, agreed last month to boost their combined oil output cuts to almost 10 million bpd, or 10% of global demand in May-Jun