By January 27, 2016 Read More →

Russian oil company Transneft, OPEC plan talks on output cuts

Saudis are the main negotiators in OPEC, Transneft talks


The head of Transneft says OPEC heavy-hitter Saudi Arabia took the initiative to discuss the possibility of reducing volumes. Transneft photo.

MOSCOW _ The head of Russian state oil pipeline monopoly Transneft says talks on output cuts are planned with Saudi Arabia and the Organization of the Petroleum Exporting Countries.

Transneft head Nikolai Tokarev said that Saudi Arabia had “taken the initiative and come out with a proposal to discuss the possibility of reducing volumes,” in comments reported by Russian news agency RIA Novosti.

The negotiations could be within the OPEC format or bilateral, though the Saudis are the “main negotiators,” Tokarev was quoted as saying by Tass.

Speaking after a meeting between Russian Energy Minister Alexander Novak and representatives of the country’s leading oil companies, Tokarev was also quoted by Tass as saying that Transneft expected Russian oil exports to decline this summer.

The Canadian Press

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