Russia’s Top Oil Company Cuts Investment Due To OPEC+ Deal

Russia’s largest oil producer, Rosneft, will slash its investments for 2020 by 21 percent from earlier plans, due to the dramatic situation on the oil market and the new OPEC+ deal in force since May 1, Rosneft’s chief executive Igor Sechin told Russian President Vladimir Putin on Tuesday. Considering the dramatic state of the global oil market and the decision to cut oil production, Rosneft will have to optimize its capital expenditures, Sechin told Putin, the Kremlin said today.   Rosneft will try to keep its investment…