Russia's Rosneft says managing exit from OPEC+ deal is a serious challenge

Business Wednesday 15/November/2017 15:46 PM
By: Times News Service
Russia's Rosneft says managing exit from OPEC+ deal is a serious challenge

Moscow: Russia's Rosneft, the world's top listed oil company by output, sees managing the exit from a global oil production-cutting deal as a serious challenge, a spokesman for the firm said.
Russian Energy Minister Alexander Novak was meeting Russian oil company executives in Moscow on Wednesday ahead of talks in Vienna at the end of November between OPEC and non-OPEC oil producers.
The meetings in the Austrian capital may decide whether to extend the current deal further.
"Speaking about the company's concerns, first of all it was about how to prepare for suspending measures to restrict production," Rosneft spokesman Mikhail Leontyev said.
"This is a serious question.
Sooner or later, of course, these measures will be lifted," Leontyev said."Now or later, that's a separate question.
It's a serious challenge, for which one needs to prepare."
Rosneft is limiting output at its newest fields under the deal, in which Russia has pledged to cut production by 300,000 barrels per day.
Eric Liron, a first vice president at Rosneft, said on Tuesday the company may delay some greenfield projects if the deal is extended beyond its March 31, 2018 expiry date.
Leontyev reiterated that Rosneft was sticking to its commitments under the pact, but noted that Rosneft Chief Executive Igor Sechin had expressed concerns over the deal.
Leontyev said Rosneft's tactics towards the deal were being prepared jointly with the Russian state.
Russian President Vladimir Putin said last month that the pact was helping the global economy and should be extended at least until the end of 2018.