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2016-10-11 18:40:00

ANTI-OPEC POSITION

РОСНЕФТЬ УВЕЛИЧИТ ПРОИЗВОДСТВО

According to REUTERS, Igor Sechin, Russia's most influential oil executive and the head of Kremlin energy champion Rosneft (ROSN.MM), said his company will not cut or freeze 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 the proposed OPEC cap, but did not provide any 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 total crude oil output, might cap its own output.

Sechin said he doubted that some OPEC countries, such as Iran, Saudi Arabia and Venezuela would cut their output either, saying that an increase in oil prices above $50 per barrel would make shale oil projects in the United States profitable.

There have been several attempts in the past for Russia and OPEC to join forces to stabilize oil markets. Those efforts have never come to pass however.

Oil prices surged on Monday after Putin's comments amid hopes that a two-year price slide could be halted.

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Earlier:

RUSSIA: 

HEALTHY RUSSIAN OIL 

РОССИЯ СРЕДИ ЛИДЕРОВ 

URALS: $39.92 

СТАБИЛИЗАЦИЯ МИРОВОГО РЫНКА 

HARD RUSSIAN OIL 

RUSSIA NEEDS MONEY

 

ROSNEFT:

ROSNEFT'S STRATEGIC INVESTMENT 

ROSNEFT SOLD $2 BLN 

ROSNEFT & PERTAMINA AGREEMENT 

HARD RUSSIAN OIL 

ROSNEFT - BP - SCHLUMBERGER COOPERATION 

ROSNEFT NET INCOME UP BY 6.4 TIMES

 

OPEC:

OPEC - RUSSIA MEETING 

SAUDI'S DIFFICULT DECICIONS 

OPEC AGREED 

OPEC WILL UP 200,000 

OPEC PRODUCTION UP TO 33.7 MBD

 

Tags: OIL, PRICES, PRODUCTION, ROSNEFT, RUSSIA