October 11, 2016

VLAD WHO?:

Exclusive: Russia's Rosneft boss Sechin says no to OPEC oil cap (Olesya Astakhova, 10/11/16, Reuters)

Igor Sechin, Russia's most influential oil executive and the head of state-controlled energy giant Rosneft, said his company will not cap oil production as part of a possible agreement with OPEC.

His comments underline how difficult it is for Russia to get its oil companies to freeze or cut output as part of a potential deal with the Organization of the Petroleum Exporting Countries designed to support oil prices.

President Vladimir Putin told an energy congress on Monday that Russia was ready to join a proposed OPEC cap but did not provide the details.

"Why should we do it?" Sechin, known for his anti-OPEC position, told Reuters in Istanbul on Monday evening, when asked if Rosneft, which accounts for 40 percent of Russia's crude oil output, might cap its production.

Posted by at October 11, 2016 6:57 PM

  

« THERE IS NO CHINA: | Main | WHY ISIS WAS NEVER A THREAT: »