Oil Prices Near $75 As Russia Extends Output Cut Through June

Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia's Deputy Prime Minister Alexander Novak said on Tuesday.  Russia first announced the 500,000 bpd production cut in February after Novak warned that there was a risk of lower oil production this year due to EU import bans and the price cap in Russian crude oil and crude oil products. Russia's oil production had held mostly steady in December and January despite the sanctions imposed on its crude oil. Still, the low price of Urals…