MOSCOW – The top of Russian state oil pipeline monopoly Transneft says talks on output cuts are planned with Saudi Arabia and OPEC.
Transneft head Nikolai Tokarev said that Saudi Arabia had “taken the initiative and come by helping cover their a proposal to discuss the potential of reducing volumes,” in comments reported by Russian news agency RIA Novosti.
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The negotiations could be inside the OPEC format or bilateral, though the Saudis would be the “main negotiators,” Tokarev was quoted as saying by Tass.
Speaking following a meeting between Russian Energy Minister Alexander Novak and representatives from the country’s leading oil companies, Tokarev seemed to be quoted by Tass as stating that Transneft expected Russian oil exports to decline come july 1st.
