Russia may suggest oil output cut of 15 million tonnes 2015

Slump in oil prices: Cheaper fuel for motorists.

MOSCOW - Russia may suggest cutting its oil production by around 15 million tonnes a year (300,000 barrels per day) and expects OPEC to limit its output as well, Kommersant daily newspaper said, citing sources.

Before OPEC meets later this week in Vienna, Russia has spoken to members Venezuela and Saudi Arabia about the need to support the oil market and hopes to press its message on the need for higher prices in Vienna on Nov.25.

Russian Energy Minister Alexander Novak said last week Moscow was looking at the option of cutting its oil production, the world's largest, but said the measure had yet to be agreed.

Quoting sources close to the government, Kommersant said that Russia may offer a cut of 15 million tonnes next year. At the same time, Russia and Venezuela may suggest that OPEC should limit its output by another 70 million tonnes.

Russia's Energy Ministry declined to comment.

A source familiar with the matter told Reuters that the idea in Kommersant was one possible option and that there were other ways of shoring up prices.

Russia has a limited scope to cut production and has no storage to take off large volumes from export markets, analysts and industry sources say.

Some analysts predict that Russia, the biggest oil producer outside OPEC, may lose some 350,000 barrels per day of output as soon as next year due to weak drilling and low prices, which may slightly support prices.