Russia Considers Extending Oil Output Cuts Beyond June

Russia’s Energy Minister Alexander Novak is discussing with oil firms on Tuesday the possible extension of the current oil production cuts beyond June, sources with knowledge of the meeting’s agenda told Reuters. The OPEC+ group pledged in April production restrictions of 9.7 million bpd in May and June, before easing the cuts to 7.7 million bpd for July through December. As part of the OPEC+ deal, Russia pledged to cut its production to 8.5 million bpd in May and June from a February 2020 baseline, or by around 2 million bpd, or by…