Russia's decision to exit the Opec+ group earlier this month — a move that set in train a bitter oil price war with Saudi Arabia — was an "illogical and irrational action", according to Leonid Fedun, the key shareholder in Lukoil.

Fedun, who is also vice president at the privately held Russian oil giant, also delivered a gloomy production forecast for the country should the oil price remain below $35 per barrel of crude.

Speaking in an interview with Moscow business agency RBK, Fedun said Russia's decision to walk away from Opec's plan to curb production further was taken at a time when global oil demand was already falling because of the economic downturn caused by the coronavirus, Covid-19.