Oil prices are tumbling.
Prices for West Texas Intermediate crude, the US benchmark, are down by 2.3% at $50.65 per barrel, while prices for Brent crude, the international benchmark, are down by 2.5% at $51.38 per barrel as of 10:56 a.m. ET.
The dip in prices follows comments from Igor Sechin, the CEO of Russia’s largest oil company, Rosneft, who said that the country “can significantly increase oil production.”
According to Bloomberg, he said that Russia, which is already producing at a post-Soviet high, has the capacity to add about 4 million barrels a day “if there’s demand and technological and economic conditions allow.”
Notably, Sechin previously said his company would not cut or freeze oil production as part of any agreement with OPEC.
Meanwhile, Russian president Vladimir Putin said at an energy conference in Istanbul a few weeks back that “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join.”