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Russia's Rosneft says to abide by possible oil cuts extension deal
May 10, 2017 / 2:15 PM / 6 months ago

Russia's Rosneft says to abide by possible oil cuts extension deal

MOSCOW (Reuters) - Russia’s largest oil producer Rosneft will fulfil obligation to further cut oil production if such an agreement would be achieved, Rosneft’s chief financial officer Pavel Fedorov said during a conference call on Wednesday.

Workers stand next to a logo of Russia's Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo

He also said it was premature to “speculate” on possible scale and time frame of the deal.

OPEC and industry sources told Reuters that the group and non-member oil producers were considering extending the global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak.

Reporting by Vladimir Soldatkin; editing by Polina Devitt

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