Russia: U.S. Shale Decline Can’t Count As ‘Output Cut’

Production declines across the U.S. shale patch as companies reduce drilling and spending cannot be viewed as a voluntary U.S. cut aimed at supporting oil prices, Vladimir Putin’s Press Secretary Dmitry Peskov said on Wednesday. The comments suggest that Russia may insist on a collective cut from the United States when major oil producers sit down to discuss a global production reduction later this week. “These are totally different types of cuts,” Peskov told reporters in Moscow on Wednesday, as carried by Russian news…