Russia accepts the need to reduce the supply of oil and negotiates details with the Saudis: sources

Russia is increasingly convinced of the need to reduce oil production at the same time as OPEC, but is still negotiating with the cartel official, Saudi Arabia, on the timetable and the volume of any decline, told Reuters two sources of the industry. .

The Russian Ministry of Energy held Tuesday a meeting with local oil producers' leaders, ahead of a meeting in Vienna between the Organization of the Petroleum Exporting Countries (OPEC) and its allies on December 6 and 7. .

"The idea at the meeting was that Russia had to reduce (pumping) .The key question is how fast and how long," said a source close to the talks between Russian oil companies and the ministry.

"Most people agreed that we can not reduce immediately, a gradual process is needed, like the last time," said the source, who requested anonymity because he is forbidden to talk to the media . The Ministry of Energy declined to comment.

Russian oil companies Rosneft and Gazprom Neft declined to comment, while Lukoil, Tatneft, Surgutneftegas, Gazprom and Novatek did not immediately respond to a request for comment.

OPEC and its allies, at the head of which is Russia, have limited their production under a pact concluded in late 2016 to support oil prices.

Moscow agreed to cut production by 300,000 barrels a day, one-sixth of the total reduction of 1.8 million bpd, but it took Russian companies several months to reach this level.

At present, Riyadh has suggested that OPEC and its allies cut their production of one million bpd by January 2019 to stop a drop in prices. Brent fell below $ 59 a barrel this week from $ 85 a barrel in October due to concerns over possible oversupply.

If Russia applied the same proportion of reductions as in the existing agreement, its share in the reduction would be 166,000 barrels a day.