Russia: No firm plans to co-ordinate oil output with OPEC

MOSCOW – The Kremlin says there are no concrete plans to cut oil output in co-ordination with major producers Saudi Arabia and OPEC.

Press Secretary Dmitry Peskov told reporters on Thursday that Russia is “actively discussing the instability of oil markets,” with Saudi Arabia and OPEC, but, as of yet, there are no conclusions from the talks.

On Wednesday, Transneft head Nikolai Tokarev said talks on output cuts are planned with Saudi Arabia and OPEC, with the Saudis as the main negotiators.

The price of oil has recently dipped below $30 a barrel last week, causing the ruble to plunge to record lows. The price ticked up slightly at the beginning of this week— due in part to discussions about co-ordinating oil output— and is now trading at $32.41 a barrel.