December 7, 2016 / 10:05 AM / in a year

Kremlin says Putin personally agreed to oil output cuts

MOSCOW (Reuters) - President Vladimir Putin personally agreed to 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.

The shadow of a worker is seen next to a logo of Russia's Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo

“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

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