By September 22, 2016 Read More →

“In theory”, Russian oil output can be cut by five per cent: Deputy minister

Russian oil output

Russian oil output on Tuesday was 11.75 million barrels, a record high.  Rosneft photo.

Russian oil output freeze already discussed with companies

MOSCOW, Sept 22 (Reuters) – “In theory”, Russian oil output can be reduced by five per cent, Russian Deputy Energy Minister Kirill Molodtsov said on Thursday, referring to a possible output freeze by major crude producers in a bid to stabilise global oil prices.

The possible regulation of oil production levels had already been agreed with Russian oil companies, he told reporters on the sidelines of an energy conference in Moscow.

But he later told reporters while potential regulation had been discussed with Russian firms this year no formal agreement had been reached.

“I said that it had been discussed with companies,” he told reporters.

OPEC and non-OPEC producers are expected to try to revive a production freeze deal when they meet in Algeria on Sept. 26-28 after a similar initiative collapsed in Doha in April because Iran refused to restrict its supplies.

Molodtsov declined to comment on any possible Russian proposals for the Algeria meeting.

Russia’s oil output was 10.71 million barrels per day (b/d) in August. Its daily oil production touched a record high of 11.75 million barrels on Tuesday.

Daily oil production of 11.1 million barrels is “a fully realistic level” for Russia, Molodtsov said.

(Reporting by Olesya Astakhova and Vladimir Soldatkin; Writing by Dmitry Solovyov and Polina Devitt; Editing by Christian Lowe and Dmitry Solovyov)

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