Russian Oil Firms More Eager To Extend Than To Deepen Output Cuts

The majority of Russian oil companies are on board with extending the agreement to cut oil production through the end of Q2, but most did not support deepening those cuts, according to Ravil Maganov, first executive vice president of Lukoil cited by S&P Global Platts. Oil prices have fallen more than 20% since the start of the year as the coronavirus has stifled demand for crude oil, causing OPEC to rethink its production cut strategy. The comment was made after Russian Energy Minister Alexander Novak met on Wednesday with Kazakh energy minister…