Some OPEC members want output curbs to raise price but........
Tell me who is supposed to cut?” Chief Executive Officer Igor Sechin said on the sidelines of a conference in London on Wednesday.
Russia’s largest oil producer Rosneft OJSC said it will defend traditional markets and expressed doubts over any coordinated action by crude-exporting nations to curb output.
“Will Saudi Arabia cut production? Will Iran cut production? Will Mexico cut production? Will Brazil cut production? Who is going to cut?”
Venezuela has lobbied Russia, Iran, Saudi Arabia and other producers over its desire for a meeting between OPEC and non-OPEC countries aimed at a global agreement to restore balance to an oversupplied market. Oil prices have collapsed to their lowest levels in 12 years after Saudi Arabia led the Organization of Petroleum Exporting Countries to defend market share rather than cut production amid a global supply glut.
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http://www.bloomberg.com/news/articles/2016-02-10/rosneft-ceo-skeptical-on-prospects-for-russia-opec-oil-deal
Tell me who is supposed to cut?” Chief Executive Officer Igor Sechin said on the sidelines of a conference in London on Wednesday.
Russia’s largest oil producer Rosneft OJSC said it will defend traditional markets and expressed doubts over any coordinated action by crude-exporting nations to curb output.
“Will Saudi Arabia cut production? Will Iran cut production? Will Mexico cut production? Will Brazil cut production? Who is going to cut?”
Venezuela has lobbied Russia, Iran, Saudi Arabia and other producers over its desire for a meeting between OPEC and non-OPEC countries aimed at a global agreement to restore balance to an oversupplied market. Oil prices have collapsed to their lowest levels in 12 years after Saudi Arabia led the Organization of Petroleum Exporting Countries to defend market share rather than cut production amid a global supply glut.
more
http://www.bloomberg.com/news/articles/2016-02-10/rosneft-ceo-skeptical-on-prospects-for-russia-opec-oil-deal