TOKYO, March 24 (Reuters) - Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years.
The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel.
Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia's oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported.
That would mean Russia is aiming to produce 9.7 million bpd between March and June, when the production cut will be in force, according to Novak - a much smaller reduction in output than Moscow previously indicated.
On the supportive side, Goldman Sachs said commodities demand was surging in China, the world's biggest oil importer, with oil demand topping 16 million bpd.