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Big producers not to cut oil production

Staff writer |
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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The energy ministers have not agreed upon cutting oil production, as such agreements can only be reached during OPEC meetings, the Venezuelan Foreign Minister Rafael Ramirez said following the talks held at the Park Hyatt in Vienna on Tuesday.

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.

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