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Rosneft’s CEO does not plan to join the output freeze.

Earlier Russian president said the country will join OPEC’s decision to cut production.

12.Oct.16 5:45 AM
By Alesya Davydova


Rosneft’s CEO does not plan to join the output freeze.

Russian oil-giant Rosneft is not going to freeze production as a part of a potential deal between the country’s government and OPEC members, Reuters reports quoting the company’s CEO Igor Sechin.

“Why should we do it?” Sechin told Reuters when asked whether Rosneft is ready to limit their oil production. “Try to answer this question yourself: would Iran, Saudi Arabia or Venezuela cut their production?”

Right before that Russian president Vladimir Putin claimed that the country intends to join OPEC’s attempts to rebalance the market. Press secretary Dmitry Peskov reassured media, saying that Sechin’s words to the contrary “may be quoted out of context”, Russian TASS agency reported.

“Indeed, the official position was presented by President Vladimir Putin that it is desirable to freeze volumes or contract them,” Peskov said.

Last month the Organization of Petroleum Exporting Countries agreed to cut their common crude oil production to 32.5 to 33 million barrels per day. It is expected that Russia may join the deal cutting the global supply by 1.2 million bpd.

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