Lukoil exec doubts mechanism for Russia's gradual withdrawal from OPEC deal will be developed
MOSCOW. May 18 (Interfax) - Lukoil senior executive vice president Ravil Maganov said he does not believe a mechanism for Russia's gradual withdrawal from the agreement with OPEC will be developed.
"You know, we'll support everything that the owner of resources, the state, says," Maganov told reporters, when asked if Lukoil would support the idea of working out a mechanism for Russia's gradual withdrawal from the deal with OPEC to cut oil production.
"I don't think that such a mechanism will be developed. We clearly and plainly understand that the restriction [on oil production] is yielding its results," Maganov said.
Unnecessary actions should not be taken in this situation, he said.
Rosneft CEO Igor Sechin said earlier that the state oil major had asked Energy Minister Alexander Novak, in talks on extending the agreement with OPEC on reduction of oil production, to provide for a gradual mechanism for withdrawal from it as it concludes.