• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 12 minutes The Plastics Problem
  • 5 hours SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 5 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 10 hours IMO 2020
  • 3 hours Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 10 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 12 hours Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 8 hours To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 12 hours EIA reports 12 mm bbls U.S. Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 4 mins Democrats Green Beauty Pageant
  • 11 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 8 hours On the hobby side of things
  • 11 hours Oil Demand Needs to Halve: Equinor
Who Is The Greenest 2020 Presidential Candidate?

Who Is The Greenest 2020 Presidential Candidate?

With the 2020 electoral campaign…

A Worrying Sign For Global Oil Demand

A Worrying Sign For Global Oil Demand

It looks like we are…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Rosneft Begins Planning for Post-OPEC-Cut Oil Markets

oil and gas installation

Rosneft has begun strategic planning for post-OPEC cut oil markets, according to the state-owned oil giant’s CEO Igor Sechin.

Russia joined in on the Organization of Petroleum Exporting Countries’ (OPEC) deal limit output in November, with Moscow pledging a 300,000 barrel per day reduction. The country’s compliance to the deal - which is set to expire at the end of June unless all participants agree to extend the agreement later this month – rests on Rosneft’s productivity.

"We will plan our work till the year-end in the way that while complying with the agreements, paying a special attention to mature fields not to lose oil resources and do preparations needed for new field launches, so in case the deal is stopped be ready for competitive work on the markets and not to lose our market share," Sechin said.

Rosneft has been cutting output at its newest fields to ensure compliance to the OPEC deal.

Earlier this week, de facto OPEC leader Saudi Arabia agreed with NOPEC Russia that the cuts ought to be extended until the end of March 2018, three months longer than the markets expected. The announcement caused prices to spike upwards.

"I would not think beyond March of the next year," Sechin said when asked if the market would be balanced by then and if a further extension of the global deal may be needed. "We should see how shale oil production (in the United States) will perform."

American shale producers have been ramping up output in recent months because barrel prices in the $50 range allow profitable operations for the low-cost rigs. High U.S. output, as well as rising production in Libya and Nigeria, have jeopardized the anti-glut effects of the deal since its implementation earlier this year.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News