Putin suggests sizable oil production cut as prices fall

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MOSCOW (AP) — Russian President Vladimir Putin says he supports cutting oil production by about 10 million barrels a day to shore up falling prices.

His statement Friday that was reported on the Kremlin website came a day after President Donald Trump tweeted he was hoping for Saudi Arabia and Russia to cut production by that amount, or even by 15 million barrels.

Russia last month declined to go along with a proposal for cuts at the so-called OPEC-plus meeting, which includes cartel members and Russia. The decision was seen by many as an attempt to hurt American shale-oil producers by driving down prices.

Demand for oil has weakened amid the coronavirus pandemic.

Putin said Friday that Russia is “ready for agreements with partners and within the framework of this mechanism – OPEC-plus — and we are ready for cooperation with the United States of America on this issue. I believe that it is necessary to combine efforts in order to balance the market and reduce production as a result of these coordinated efforts.”

“According to preliminary estimates, I think that we can talk about a reduction in the volume of about 10 million barrels per day, a little less, maybe a little more,”he said.

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