Russia Can Reduce Its Oil Output by 10% if the U.S. Joins Cuts
- Russia prefers to cut daily oil production by about 1m barrels
- U.S. says it’s up to Russia and Saudi to solve oil price war
Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., as tankers sail beyond in Tuapse, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia would target a 1 million barrel-a-day cut in any new deal with other key oil producers, on condition the U.S. joins cuts, according to four people familiar with the sentiment in the industry.
The country’s President Vladimir Putin, who said that a reduction in global oil production of about 10 million barrels a days is possible and the nation is ready to participate in this “on a partnership” basis, won’t agree for Russia to take more than one-tenth of the global cuts, according to one of the people, who spoke on condition of anonymity because the matter isn’t yet public.