Rosneft PJSC’s said crude at $70 to 80 a barrel was a “comfortable level” and expressed satisfaction with the results of Russia’s joint supply cuts with OPEC, just a week before talks that could phase them out.
The producers working together have “restored balance to the market by cutting oil production,” Russia’s biggest oil company said in a statement.
“The growth in Brent crude prices to a comfortable level of $70 to $80 per barrel is a result with which we are fully satisfied,” Sechin was quoted as saying. The CEO, a close ally of Russian President Vladimir Putin, had last year questioned the wisdom of prolonging production when oil prices were closer to $60.
Russia will join OPEC and other major producers next week in Vienna to discuss whether to increase production to alleviate consumer concerns about prices and offset supply disruptions elsewhere.
The possibility of gradual supply boost has already driven Brent crude down from above $80 to less than $74.