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Rosneft Supports Energy Ministry's Actions in Negotiations on Vienna Agreements

© Sputnik / Maksim Blinov / Go to the photo bankRosneft pavilion at the SPIEF Investment & Business Expo at the St. Petersburg International Economic Forum
Rosneft pavilion at the SPIEF Investment & Business Expo at the St. Petersburg International Economic Forum - Sputnik International
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Rosneft CEO Igor Sechin said that oil company welcomes Russian Energy Ministry's actions in the negotiations concerning the Vienna agreements on oil output reduction.

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BEIJING (Sputnik) Russia's Rosneft oil company welcomes Russian Energy Ministry's actions in the negotiations concerning the Vienna agreements on oil output reduction, Rosneft CEO Igor Sechin said Saturday.

"Energy Ministry is sticking to that concept [of oil output reduction], holds talks with participants of the market and we support all actions of the ministry," Sechin said, commenting on Rosneft's position concerning possible prolongation of Vienna agreements.

Last November, the Organization of the Petroleum Exporting (OPEC) countries agreed to reduce oil output by 1.2 million barrels per day for the first six months of 2017, with a daily cartel-wide cap standing at 32.5 million barrels. In turn, non-OPEC producers agreed to jointly slash their output by 558,000 barrels a day.

The deal expires in June. The signatories are expected to discuss whether the agreement, which seeks to shore up oil prices, should be extended for another six months later in May.

Earlier this month, Russian Energy Minister Alexander Novak said Russia was rather in favor of extension of the agreement, stressing that it could return oil market to normal condition.

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