"The company participated in the drafting of these proposals. We will be fully prepared to respond to these proposals so that our effectiveness is not affected," Sechin said.
OPEC on November 30, 2016 agreed in Vienna to reduce its production by 1.2 million barrels per day from the October 2016 level. Eleven non-OPEC countries on December 10, 2016 agreed to cut their production by a total of 558,000 barrels per day, including Russia by 300,000 bpd. The agreement was concluded for the first half of 2017 with the possibility of extension. The decision on the future of the agreement will be made in Vienna May 25.