Tag Archives: Lukoil

OPEC, Russia, production cut – who has said what?

Amid various reports on the production cut/freeze, here is a recap who has said what so far:

Russia’s Putin:

  • “Russia is ready to join in joint measures to limit output and calls on other oil exporters to do the same,” Putin said. “In the current situation, we think that a freeze or even a cut in oil production is probably the only proper decision to preserve stability in the global energy market.” – Bloomberg

Rosneft’s Sechin:

  • “Why should we do it?” Sechin, known for his anti-OPEC position, told Reuters in Istanbul on Monday evening, when asked if Rosneft, which accounts for 40 percent of Russia’s crude oil output, might cap its production. “Try to answer this question yourself: would Iran, Saudi Arabia or Venezuela cut their production?” Reuters
  • Kremlin: Rosneft CEO’s words on oil production freeze refusal quoted out of context – Tass


  • Gazprom supports oil production freeze but not its cut, Deputy Chief Executive Officer of the Russian gas holding Alexander Medvedev said on Monday at the World Energy Congress.
  • “Both oil and gas producers’ teams will attempt to stabilize production. Freeze, not contraction,” Medvedev said responding to a question whether Gazprom exactly supports production freeze. – Tass


  • Oil companies will support Russian state position: VP Fedun
  • “I have no doubt that there will be a freeze” or even cuts, Leonid Fedun, billionaire vice president of Lukoil PJSC, said at the World Energy Congress in Istanbul. “I’m sure everybody will join” any action the Russian government agrees, he said.Bloomberg

Saudi Arabia:

  • Many producers outside the group have expressed a willingness to cooperate on output caps, said Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih, who added that he was “optimistic” there’ll be a deal that could lift prices as high as $60 by year-end. – Bloomberg

OPEC Secretariat:

  • OPEC chief says freeze deal likely to last six months, then be reviewed. – Reuters
  • OPEC’s Barkindo: Looking At How To Account For Iran In Accord – BBG TV (via twitter)
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