Russia says global oil output cut deal could be adjusted over the year

The global deal to cut oil production should be constantly monitored and it could be adjusted over the course of the year, Russian Energy Minister Alexander Novak told an online government meeting, Reuters reported.

Novak also told the televised meeting, chaired by President Vladimir Putin, that global oil demand could fall by around 8 million barrels per day for 2020 on the whole.

The Organization of the Petroleum Exporting Countries and other leading oil producers led by Russia agreed over the weekend to reduce their production by combined 9.7 million barrels per day in May-June to combat the falling demand dented by the spread of the coronavirus.

Novak said the deal was in Russia’s interests.