(VOVWORLD) - Russian Deputy Prime Minister Alexander Novak said Thursday that Russia will abide by its pledge to cut its oil output by 500,000 barrels per day from February until the end of the year. Monitoring will be carried out by independent sources.
 The Rosneft oil refinery in the town of Gubkinsky, Western Siberia, Russia. (Photo: AFP/VNA) |
On Wednesday, the price of Brent crude oil fell below 75 USD per barrel for the first time since March 27.
Earlier, a consultant with Vygon Consulting said oil demand could increase by 1.5 million barrels per day this year.