Russia’s largest oil company, Rosneft, has served notice that it will step up production in the event of a sudden end to the agreement among major crude producers to curb output in an effort to prop up prices, Financial Times stated.
Rosneft’s CEO, Igor Sechin, said, “If the question is how the Organization of Petroleum Exporting Countries (OPEC) is going to exit from these arrangements abruptly, we will also be prepared. If something goes wrong, we will not let them occupy our markets. We will defend ourselves,” informed Reuters.
“This is what we do. We manage risks. We have to consider every trend, any trend that may affect our performance. We will be ready,” Sechin pointed out.
It worth noting that OPEC, which accounts for around a third of global oil output, and 11 other producers led by Russia had agreed to cut oil production by 1.8mb/d to prop up weak prices.