Russia ready for substantial oil output cuts: sources

OPEC countries and other producers plan to hold video conference Thursday to discuss how to support the oil market

MOSCOW (Reuters) - Russia is ready to reduce its production very substantially to prop up weak oil markets, two Russian sources told Reuters on Monday, without giving precise numbers.

Continue Reading Below

They spoke as the Organization of the Petroleum Exporting Countries and other producers, known as OPEC+, plan to hold a video conference on Thursday to discuss how to support the oil market.

The Russian energy ministry did not respond immediately to a request for comment.

OIL SINKS AS RUSSIA, SAUDIS POSTPONE TALKS

Kremlin spokesman Dmitry Peskov told reporters earlier on Monday that Moscow was ready to work with other leading oil exporting countries.

(AP Photo/Gregory Bull, File)

A government and an industry source, speaking on condition of anonymity, also said total cuts of 10 million barrels per day proposed so far might not be enough to steady the global oil market given the weakness of demand following lockdowns to curb the spread of the new coronavirus.

HALLIBURTON SLASHING HUNDREDS OF US JOBS AS OIL BUST DEEPENS

Last week, Russian President Vladimir Putin said OPEC+ cuts could amount to around 10 million barrels per day (bpd), or some 10% of global output. Russian production reached 11.29 million bpd in March.

CLICK HERE TO READ MORE ON FOX BUSINESS

(Reporting Olesya Astakhova; writing by Vladimir Soldatkin; editing by Barbara Lewis)

CLICK HERE TO GET FOX BUSINESS ON THE GO