RUSSIA DEFENDS MARKETS
Russia's largest oil producer Rosneft OJSC remains committed to defending its traditional markets, pouring cold water on talks of potential coordination with other exporting nations.
"We are working on preserving our traditional markets and we will supply those markets with oil in a competitive battle," Igor Sechin, Rosneft chief executive officer said in London today.
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. Russia, which is getting as much as half of its budget revenue from oil and gas, is facing a second year of economic contraction and budget deficit.
Russia has signaled it would be willing to attend any meeting between OPEC and non-OPEC producers, should such a gathering occur. After talks with Venezuelan Oil Minister Eulogio del Pino earlier this month, both Sechin and Russian Energy Minister Alexander Novak agreed to discuss cooperation with regards to global oil markets.
Sechin maintained that his responsibility is to see that shareholders do not lose money as part of any talks on managing global oil markets. Rosneft is taking a wait and see approach, he said.
"Tell me who is supposed to cut? Will Saudi Arabia cut production? Will Iran cut production? Will Mexico cut production? Will Brazil cut production? Who is going to cut?" Sechin said.
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