Russia’s oil output deal with leading global producers will have an impact on global markets once it begins to be implemented, the Kremlin said on Friday.
“The impact from the deal will come,” Dmitry Peskov, the Kremlin’s spokesman, told reporters on a conference call.
Russia and other oil producers, known collectively as OPEC+, agreed over the weekend to cut their combined oil output by 9.7 million barrels per day in May-June to help weak oil markets that have been hit by the coronavirus crisis.
Despite the deal, oil prices are still heading for a second consecutive week of losses, with U.S. oil prices around 18-year lows, as the worries about the coronavirus crisis and falling oil demand persist.
Reuters
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