December 1, 2018 / 9:20 PM / 9 days ago

Russia's Putin says no hard figures on possible oil output cuts

Russia's President Vladimir Putin attends a meeting with China's President Xi Jinping and India's Prime Minister Narendra Modi on the sidelines of the G20 summit in Buenos Aires, Argentina November 30, 2018. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS

BUENOS AIRES (Reuters) - Russian President Vladimir Putin said on Saturday he had no concrete figures on possible oil output cuts, though his country would continue with its contribution to reducing global production.

Russia, one of the world’s major crude producing nations, has been bargaining with OPEC’s leader, Saudi Arabia, over the timing and volume of any reduction. OPEC and non-OPEC oil producers will hold a ministerial meeting Dec. 6-7.

“Yes, we have an agreement to prolong our accords,” Putin told reporters on the sidelines of the G20 summit in Buenos Aires. “There is no final deal on volumes but we together with Saudi Arabia will do it. And whatever is the final figure, we agreed to monitor the market situation and react to it quickly.”

OPEC and its allies will be meeting amid concerns over a slowing global economy and rising oil supplies from the United States.

Oil prices had their weakest month in more than 10 years in November, losing more than 20 percent as global supply has outstripped demand. Losses were limited on Friday, however, on hopes of a production cut agreement.

Reporting by Vladimir Soldatkin; Writing by Hugh Bronstein; Editing by Alistair Bell and Will Dunham

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