MOSCOW (Reuters) - President Vladimir Putin personally agreed planned Russian oil output cuts based on a consensus he had reached with big oil firms about co-operating with OPEC, the Kremlin said on Wednesday.
"We already announced earlier that the theme of output cuts was agreed by the president with all the leading oil companies," Kremlin spokesman Dmitry Peskov told reporters on a conference call.
"The president personally carried out those contacts and the decision was taken personally by the president on the basis of a consensus that was reached with the heads of the oil companies."
Peskov said every $5 increase in the price of oil meant extra income for the state budget as well as for Russian oil firms.
(Reporting by Andrew Osborn; Editing by Maria Kiselyova)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app