UPDATE 1-Russia's Sechin floats idea of oil output cuts

miércoles 10 de febrero de 2016 06:15 GYT
 

* Sechin suggests 1 million bpd cut by major producers

* Rosneft CEO doesn't say if Moscow would contribute to plan

* Says oil price drop driven by OPEC decision

* U.S. shale production to peak in 2020, Sechin says (Adds details, quotes)

By Dmitry Zhdannikov and Ron Bousso

LONDON, Feb 10 (Reuters) - The head of Russian state-run oil company Rosneft on Wednesday floated the idea of a coordinated output cut by major oil-producing countries to prop up sagging prices but fell short of saying whether Moscow would contribute to such a plan.

Rosneft Chief Executive Igor Sechin, in a speech at the IP Week conference in London, attributed oversupply in the market to overproduction by members of the Organization of the Petroleum Exporting Countries.

He suggested major oil producers each cut production by 1 million barrels per day (bpd).

Oil prices have slumped more than 70 percent to near $30 a barrel over the past 18 months as supply exceeded demand by up to 2 million bpd after OPEC, seeking to drive higher-cost producers out of the market, decided not to cut production.   Continuación...