JRL NEWSWATCH: “Repair, abandon, burn: Russia explores options for historic oil cut” – Reuters/ Olesya Astakhova, Katya Golubkova

Oil Well file photo

“In just a week, Russia has to find ways to cut a fifth of its oil output … and is looking at all options, including putting wells on repair and maintenance to abandoning them entirely and even burning oil, four oil industry sources said. Russia, along with other members of the global oil alliance between the [OPEC] and non-OPEC members, agreed to jointly remove nearly 10 million barrels per day (bpd) from world markets, a tenth of total supply …. Slavneft, a joint venture between Rosneft  … and Gazprom Neft …, is considering shutting down a number of fields at its Megionneftegaz unit in Khanty-Mansyisk region in western Siberia, another source said. …”

Click here for: “Repair, abandon, burn: Russia explores options for historic oil cut” – Reuters/ Olesya Astakhova, Katya Golubkova

[featured image is file photo]