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395293
Thu, 01/28/2016 - 11:02
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Russia and OPEC to discuss possible reduction of oil production - Transneft

MOSCOW, January 27. /TASS/. Saudi Arabia came forward with the initiative to discuss a possible reduction of oil production, planned in the framework of the Organization of the Petroleum Exporting Countries (OPEC) in the near future, Transneft President Nikolai Tokarev said Wednesday. "Saudi Arabia came forward with the initiative to have a discussion that would include the members of OPEC," he said after the meeting of oil companies executives and the Ministry of Energy. Tokarev said the meeting was very constructive. "In particular, we talked about oil prices, the measures everyone should take, what is going to change the situation for the better, including the negotiations in the framework of OPEC in general and bilateral options as well. The initiative came from Saudi Arabia, they are the main negotiators," he said, adding that reduction of oil production could adjust the market. Tokarev said that technical possibilities of reducing oil production in Russia were discussed at the meeting. Due to the country’s climate pattern, it would be possible only in summer. At the same time, Russian Energy Minister Alexander Novak held an annual meeting with the executives of the Russian oil and gas sector, discussing companies' plans for hydrocarbon production, sectoral taxation, as well as issues of oil refining and fuel supply to the domestic market. In addition, the meeting attendees discussed the possibility of coordination of actions with the OPEC countries due to unfavorable market conditions in the global oil market. Read more

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