Oil is tumbling after Russia's largest oil company said the country can 'significantly' pump up production

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 fromIgor Sechin, the CEO of Russia's largest oil company, Rosneft, who said that the country "can significantlyincrease 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 theres demand and technological and economic conditions allow."Notably, Sechin previouslysaid 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."SEE ALSO:What 25 major world leaders and dictators looked like when they were youngJoin the conversation about this storyNOW WATCH: LIZ ANN SONDERS: The most unsettling outcome for the markets would be a surprise Trump win
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