Sources: Russian oil firms discuss no increase of output in April

MOSCOW, Mar 24 (PRIME) -- Russia’s largest oil companies discussed only the general oil market situation with Energy Minister Alexander Novak on Monday, there are no plans to increase production in April, two sources familiar with the matter told PRIME late in the day.

A source said that there was no economic sense in raising output under the current conditions. “They discussed the general situation and contraction of demand,” the source said, adding that a similar meeting should take place soon.

Another source said that the coronavirus pandemic makes increases of production more difficult for all companies. “We may see some growth only closer to May, and it will only be of a seasonal character,” the source said.

A third source pointed out that the companies and Novak also discussed oil cooperation with Belarus at the meeting.

Novak met with Lukoil CEO Vagit Alekperov, Gazprom Neft CEO Alexander Dyukov, Surgutneftegas CEO Vladimir Bogdanov, Novatek CEO Leonid Mikhelson, RussNeft President Yevgeny Tolochek, Rosneft’s Vice President for Commerce and Logistics Otabek Karimov, Transneft Vice President Servei Andronov, Tatneft CEO Nail Maganov, and Zarubezhneft CEO Sergei Kudryashov.

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