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Kremlin says Putin personally agreed to oil output cuts

Reuters

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.

"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.

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(Reporting by Andrew Osborn; Editing by Maria Kiselyova)