Big producers not to cut oil productionStaff writer ▼ | November 26, 2014
Delegations from Russia, Saudi Arabia, Mexico and Venezuela have met for the first time in such a format for talks in Vienna to discuss rapidly dropping oil prices. The group agreed to monitor prices for a year.
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He added that the group also believes the current oil prices are too low, and named a fair price at $100 per barrel.
Russia’s Energy Minister Aleksandr Novak and Igor Sechin, the head of state oil company Rosneft, attended the meeting.
Sechin said the group agreed to monitor prices during the year and possibly meet in the same format each quarter.
Though the oil price has dropped to almost $40 per barrel in the past five months, it is “not critical” the Rosneft head told journalists. ■