Lukoil Exec: Russia Should Cut Oil Production By 30% To Get Higher Prices

Russia should reduce its oil production by 20 to 30 percent to around 7 million bpd – 8 million bpd in order to get better prices and not have to agree to hefty discounts, Leonid Fedun, vice-president and co-founder of Russia’s Lukoil, wrote in an article published in Russian outlet RBC on Monday. Russian oil production has been falling since Russia’s invasion of Ukraine. Crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping…