US may cut oil production by over 1.7Mln Bpd in 2020 - RDIF

# 23:05
9 April 2020

The United States may cut its oil production by more than 1.7 million barrels per day already this year, the Russian Direct Investment Fund's (RDIF) CEO Kirill Dmitriev told Bloomberg in an interview, APA reports.

He also noted that the lack of stability in the US oil and gas sector put at stake almost 10 million jobs in the country.

Earlier in the day, Mr Dmitriev said that Russia and Saudi Arabia were "very, very close" to reaching an agreement aimed at stabilizing the oil market via cuts in output.

Oil prices fell sharply on the global markets in early March after parties to the OPEC+ deal on output cuts failed to agree on the extension of the agreement past April 1. In addition, the uncertainty over the coronavirus pandemic and virus-linked restrictions, including widespread air travel suspensions, have dampened oil demand.