Russia wants to steer clear of any OPEC-led oil production cut

Saudi-led OPEC and a group of non-OPEC nations, dominated by Russia, have been cooperating to limit oil supply since the start of 2017. They partially unwound their reduction in June after pressure from Trump, who wanted lower oil prices.

The producers, known informally as "OPEC+", will convene in the first week of December in Vienna to decide further steps.

Another indication of the likelihood of any Russian output cut can be gleaned from the head of Kremlin-controlled energy giant Rosneft, Putin ally Igor Sechin.

He eschewed a direct response on Wednesday on whether curbs were needed, saying oil prices were adjusting after being hit by initial uncertainty about production in Iran, which later benefited from export waivers from U.S. sanctions.

"It (the oil price) is already growing," he said, as Brent rebounded from a steep sell-off the previous day. "I believe that this uncertainty which affected the oil price was largely due to Iran. Now everything is being adjusted."

Rosneft, which accounts for 40 percent of Russian oil production, plans to raise its liquid hydrocarbon output further next year, to 241 million tonnes, or 4.8-4.9 million bpd, from 4.73 million bpd in the third quarter.

Another large Russian oil producer, Gazprom Neft, is ready to lift output by a further 20,000-30,000 bpd this year and by 50,000 bpd next year. The head of Lukoil, Vagit Alekperov, voiced opposition this week to any cut.

Surging U.S. production is a headache for OPEC+. The country's crude output is expected to average 12.06 million bpd in 2019, passing 12 million bpd sooner than expected on surging shale supply, the U.S. Energy Information Administration said this month.

"U.S. oil production will soon plateau. It can't grow indefinitely," the Russian government source said.

In the previous round of global production cuts, Russian oil companies first opposed the move but then relented under orders from Putin.

The Russian Energy Ministry did not immediately reply to a Reuters request for a comment.