Russia Says 'In Theory' It Can Cut Oil Output By 5%

Reuters

MOSCOW, Sept 22 (Reuters) - Russia can "in theory" reduce its oil output by 5 percent, Russian Deputy Energy Minister Kirill Molodtsov said on Thursday, referring to a possible output freeze by major crude producers in a bid to stabilise global oil prices.

Molodtsov said the possible regulation of oil production had already been agreed with Russian oil companies.

Daily oil production of 11.1 million barrels is "a fully realistic level" for Russia, Molodtsov told an energy conference in Moscow.

(Reporting by Olesya Astakhova; Writing by Dmitry Solovyov; Editing by Christian Lowe)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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