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21.04 - 01:03
Russia can reduce oil output by 10% if the U.S. joins cuts: Report
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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.
The idea to decrease global production by 10 million barrels a day, in response to the shrinking demand amid the coronavirus outbreak, was initially announced by
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