The Russian energy ministry has told domestic oil producers to reduce oil output by around 20% from their average February levels, which would bring Moscow in line with its global commitments. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia (OPEC+), agreed to cut their combined oil output by 9.7 million barrels per day in May and June in order to combat a severe drop in demand for fuel triggered by the coronavirus crisis. Export volumes, unlike production, have not been limited by the global deal. Prices for oil fell into the negative territory in recent days, meaning that sellers were literally paying buyers to take oil off their hands because they have run out of storage space.
