Mixed messages from Russia’s oil industry chiefs played a part in lowering oil prices today.
Russian President Vladimir Putin said yesterday that the country was ready to join a proposed cap on production by Opec members, and that cutting output was also possible.
But Igor Sechin, head of majority-state-owned Rosneft, today told Reuters he would not support a cut or a freeze in oil output.
Also today, Russian Energy Minister Alexander Novak said that the Kremlin would work with Opec to stabilise global oil markets.
But Mr Novak said he favoured maintaining current output levels, rather than lowering them, according to Reuters.
Meanwhile, Leonid Fedun, vice president of privately-owned Lukoil, said his company was prepared to swear off increases in production.
The uncertainty put Brent crude down 1.9% to $52.14 a barrel earlier today, while WTI was down 1.8% to $50.45.
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