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World oil prices

Kremlin: Rosneft CEO’s words on oil production freeze refusal quoted out of context

Statements of Rosneft CEO that the company does not intend to limit oil production within the scope of the potential agreement to be reached by producing nations appeared earlier in mass media

© Sergei Bobylev/TASS

MOSCOW, October 11. /TASS/. Russia supports oil production freeze or contraction and words of Rosneft Chief Executive Officer Igor Sechin to the contrary may be quoted out of context, press secretary of Russian President Dmitry Peskov said on Tuesday.

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"Sechin’s words were given without an appropriate context in this case because his answer was lengthier and with greater details," Peskov said. "We do not see any contradictions [with position of the Russian President]," he added.

"Indeed, the official position was presented by President Vladimir Putin [in Istanbul] that it is desirable to freeze [oil production] volumes or contract them," Peskov said.

Statements of Rosneft Chief Executive that the company does not intend to limit oil production within the scope of the potential agreement to be reached by producing nations appeared earlier in mass media.

Rosneft Board of Directors has not yet discussed contraction of oil production in view of possible participation of Russia in market stabilizing measures, Chief Executive Officer of BP and member of Rosneft Board Robert Dudley said earlier on the sidelines of the World Energy Forum. No plans exist to do right now, he said.

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Russia ready to join decision to limit crude production — Putin

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