Lukoil: Russian oil firms to fulfill govt order to cut output

ISTANBUL, Oct 11 (PRIME) -- Russian oil companies will cut their output if the government decides to decrease it, Leonid Fedun, a vice president at oil major Lukoil, told reporters Tuesday.

On Monday, President Vladimir Putin said that the country is ready join OPEC in a freeze of oil production, if such an agreement is reached.

“Joint actions of all large producers would be very useful, this is why I have no doubt that if the Russian government decides to cut output, all oil companies will fulfill it,” Fedun said.

He said that cutting output to the level of January 2016, or 1.5-2% would be reasonable.

In early October, Russia’s oil production hit a post-Soviet record of 11.2 million barrels a day.

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