13 May 2017, Moscow — Igor Sechin, the head of Russia’s largest oil producer Rosneft, 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 stabilize 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.
The two groups are due to meet later this month in Vienna to discuss a possible extension of the deal.
*Vladimir Soldatkin; Editing: Mark Potter – Reuters
