A source at one of the foreign oil companies said: "We have received the letter on 30% budget cuts, no decision yet."
Cuts already announced by five major oil companies including Saudi Aramco
In Asia, home to over a third of the global refining capacity, India's top refiner has slashed output by up to 25%-30%
Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel
Rystad said oil demand in the month of April was forecast to fall by 16 million bpd, compared to a year earlier.
Plans to increase production and boost overseas supplies follow the collapse early this month of a supply-cut pact