April 29, 2020 / 6:20 AM / a month ago

Russia says foreign-led projects will cut oil output -Ifx

MOSCOW, April 29 (Reuters) - Russian Energy Minister Alexander Novak said on Wednesday that foreign-operated as well as domestic oil projects in the country will reduce output, pro-rata, as part of a global pact to cut crude production, Interfax news agency reported.

International oil majors, such as ExxonMobil and Shell, are involved in several oil and gas projects in Russia operated under production-sharing agreements signed in the 1990s.

Novak also said Russian companies will cut their production by 19% from February levels as part of the global pact to reduce oil output. (Reporting by Maria Kiselyova and Vladimir Soldatkin; Editing by Catherine Evans)

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