Russian Rosneft is set to lower oil output, Natural Resources Minister, Sergei Donskoi, said, ahead of a meeting of leading global oil producers in Doha on April 17th aimed at discussing an oil output freeze to support weak oil prices, reported Reuters. Russia’s biggest oil producer has recorded crude output at the pace of around 3.8mb/d.
Russia, Saudi Arabia, Qatar, and Venezuela are keen to prop up global oil prices, which have fallen almost two thirds from a peak in June 2014. The four countries have said they were ready to freeze production at January levels if other producers do the same. Qatar has invited all OPEC members and other major producers to attend the Doha talks in April about a potential deal.
Minister Donskoi also said that Lukoil, which is not state-owned, did not plan to decrease production as yet. The minister added he hoped that state-controlled Rosneft would resume drilling for oil in the Arctic in 2017 as there were no such plans for this year, wrote The Hellenic Shipping News.