RIA NOVOSTI. Rosneft chief executive officer Igor Sechin has doubts that global oil producers would reach an agreement to cut oil production.
Specifically, on the sidelines of the conference IP Week 2016 journalists tried to find out from the CEO of the biggest Russian oil producer what he thinks about possible agreements to cut oil production in a bid to maintain global oil prices. "Who is going to make a cut? Or should Russia alone reduce oil extraction?," Sechin asked skeptically in response.
In recent weeks global oil market participants, both OPEC and non-OPEC member states, have discussed ways and means to bolster global oil prices which were as high as $100 per barrel back in 2014. One of the possible ways out is to cut oil production as supply exceeds demand at the moment.
Russia's Energy Minister Alexander Novak previously said that a 5% oil production cut by every oil-producing nation may be on the agenda of a scheduled OPEC meeting in February, but the general consent is needed to make this happen.
