Russia is capable of substantial production increase: Rosneft Nigeria cuts price of all its crude to boost market share Crude held above $50 a barrel as investors weighed the likelihood of a deal to reduce supply after Russia’s largest oil company said the country was capable of a significant increase in output. December futures were little changed in New York after declining 2.3 percent Thursday. Russia has the capacity to add as much as 4 million barrels a day if there’s demand, Rosneft PJSC Chief Executive Officer Igor Sechin said, less than two weeks after President Vladimir Putin pledged his support for efforts by OPEC to limit output. Front-month prices are still heading for a fifth weekly gain after U.S. crude stockpiles dropped to the lowest level since January. Oil has fluctuated near $50 a barrel amid uncertainty about whether the Organization of Petroleum Exporting Countries will be able […]