BRUSSELS (Pakistan Point News / Sputnik - 03rd March, 2020) The vice president for strategic development at Russian energy giant Lukoil said Monday that Russia will take up to 300,000 barrels a day from the global market as part of new cuts by the OPEC and allies.
"We will see a [daily] reduction of between 600,000 and 1 million barrels... I think Saudi Arabia will bear the brunt of the cuts, while Russia's will be 200,000-300,000 barrels," Leonid Fedun told reporters.
The OPEC group of oil producers and other major exporters led by Russia will meet later this week to discuss efforts to shore up crude prices, which dropped amid weak demand from coronavirus-hit China.
"I have no doubt that excess oil will be taken off the market and we will see Brent crude pass $60 by mid-March," Fedun added.
He said that the effect of the coronavirus disease outbreak on the oil industry would likely be short-lived. The spread of the virus outside China further dampened crude prices this month after some 60 countries reported infections.
