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Russian producers ready for oil cuts in bid to stop price rout

Oil outfits in Russia are reportedly prepared to agree to output cuts in a potential deal with Saudi Arabia and others in order to curb a steep decline in prices.

Photo: Alexey Malgavko/Reuters/Ritzau Scanpix

Russia’s oil industry is ready to agree cuts to production together with Saudi Arabia and other major producers in a desperate bid to halt the slide in prices, according to five people familiar with the efforts.

While the Kremlin hasn’t confirmed a willingness to take part in reducing crude output by 10 million barrels a day, as announced by US President Donald Trump Thursday in a Tweet that drove oil prices up as much as 47 percent, the Russian producers are ready for coordinated action, said the people, who spoke on condition of anonymity because the matter isn’t yet public. President Vladimir Putin will meet oil executives and officials to discuss the situation on the world energy markets later on Friday, the Kremlin said.

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