CRAWFORD, Texas, Aug 23 (AFP) - Russian President Vladimir Putin told US President George W. Bush on Monday that Russian oil companies would continue to boost their production, a White House spokesman said.
The two leaders held a 15-minute telephone conversation early Monday, spokesman Scott McClellan told reporters.
"President Putin also noted that Russian oil companies are increasing production and exports and will continue to do so," he said.
Putin's remarks came as Russian oil major Yukos cut its 2004 output forecast Monday and announced sweeping cost reductions, saying blocked access to bank accounts frozen by legal authorities required curtailed operations.
In a statement, Yukos chief executive Steven Theede said the company did not have access to half its monthly revenue and was therefore introducing "stringent cash conservation measures" to buy time.
"As a result of the capital expenditures reduction, the annual production target for Yukos Oil Company will be reduced from 90 million tonnes to 86 million tonnes for 2004," Theede said.
That would be a cut in the company's oil production forecast of around 4.5 percent. Yukos noted however that even this lower target would still result in a six-percent annual production increase.
World oil prices fell Monday, after brushing near the symbolic 50 dollars per barrel mark on Friday in New York.