Report: Rosneft CEO says Russia does not offer oil at dumping prices

MOSCOW, Mar 20 (PRIME) -- Russia is not engaged in predatory pricing on the oil market, CEO of Rosneft Igor Sechin told channel Rossiya 24 in an interview broadcast on Friday.

"We do not put dumping prices unlike them. This is why our efficiency maybe even higher," Sechin said. "We see the influence of a variety of political rather than economic factors."

Sechin also said that the OPEC plus agreement used to contribute to stability of the market.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July 2019, they prolonged the deal until April 2020. But on March 6, the countries failed to agree on parameters of the deal or on its prolongation, which resulted in a many years' record deep fall in crude prices.

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