Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Rosneft's Sechin backs Russian ministry in oil output cut talks - RIA

Published 13/05/2017, 12:36
© Reuters. Rosneft head Sechin attends St. Petersburg International Economic Forum 2016
ROSN
-

MOSCOW (Reuters) - Igor Sechin, the head of Russia's largest oil producer Rosneft (MM:ROSN), said on Saturday the Russian energy ministry had his support in talks over oil production cuts, without elaborating, RIA news agency reported.

"The main thing is to have a mechanism to defend our interests," he was quoted as saying when asked about discussions over possible deeper oil production cuts that could help stabilise the oil market and prop up prices.

Sechin in the past has expressed doubts about the ability of the Organization of the Petroleum Exporting Countries to influence oil markets amid a shale oil production boom in the United States.

OPEC and non-OPEC producers, such as Russia, decided late last year on an output cut of 1.8 million barrels per day from Jan. 1 to June 30 this year to reduce global oil inventories.

© Reuters. Rosneft head Sechin attends St. Petersburg International Economic Forum 2016

The two groups are due to meet later this month in Vienna to discuss a possible extension of the deal.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.