Lukoil, Russia’s second-largest oil producer, is planning to cut its output by 18% or by 290,000 barrels per day as part of the new OPEC+ production cut deal, according to Russia’s news agency Interfax.
Lukoil’s President and chief executive Vagit Alekperov told Interfax that Lukoil and all other oil firms in Russia would fulfill the quotas as per Russia’s energy ministry orders.
OPEC+, a group of major producers led by Saudi Arabia and Russia, recently reached an agreement to cut the output by 9.7 million barrels per day. So far, however, that has failed to put a floor under oil prices.
In fact, WTI crude, the US benchmark, fell below zero on Monday for the first time on record on oversupply concerns.
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