Russian producers ready for oil output cuts if US and Saudi also join in – report

Forex

Bloomberg reports, citing five people familiar with the matter

The report says that Russia is ready to agree to oil output cuts together with Saudi Arabia and other major producers in a bid to try and halt the decline in oil prices.

The sources cited say that Russian producers are ready for coordinated action, although key oil executives in the country will be having a meeting with president Putin later today.

Again, the key thing here is to see all other producers contribute to this pact. However, the big question mark will hang over Trump and the US in that regard.

He doesn’t really have a way to call for shale producers to cut their production so it is either he magically pulls a rabbit out of his hat on that front or he chooses to remove sanctions against Russia in exchange for them coming to the negotiating table next Monday.

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