Russian oil companies will cut their output if the government decides to decrease it, Leonid Fedun, the vice president at oil major Lukoil, reported.
On October 10, president Vladimir Putin said that the country was ready to join OPEC in a freeze of oil production, if such an agreement was reached.
“Joint actions of all large producers would be very useful, this is why I have no doubt that if the Russian government decides to cut output, all oil companies will fulfill it”, Fedun said.
He said that cutting output to the level of January or 1.5-2% would be reasonable.
In early October, Russia’s oil production hit a post-Soviet record of 11.2 million barrels a day. (Prime/Business World Magazine)
