UPDATE 3-Russia's Sechin floats idea of oil output cuts

miércoles 10 de febrero de 2016 09:34 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 (Adds 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, a close ally of President Vladimir Putin, told the IP Week conference in London that the global oil glut was predominantly the fault of the Organization of the Petroleum Exporting Countries.

Sechin suggested major oil producers cut production by 1 million barrels per day (bpd) to reduce oversupply, which he estimated at 1.5 million bpd.

"A coordinated supply cut by major exporters by around 1 million barrels per day would sharply reduce uncertainty and would move the market towards reasonable pricing levels," he said.

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