UPDATE: Oil companies, minister meet to mull OPEC, Sechin absent

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MOSCOW, Nov 15 (PRIME) -- Russian Economic Development Minister Maxim Oreshkin is participating in a meeting between Energy Minister Alexander Novak and Russian oil companies on Wednesday to discuss the agenda before a meeting of participants of the oil output reduction agreement by OPEC and non-OPEC countries.

Representatives of Gazprom Neft, Novatek, Zarubezhneft, Transneft, Tatneft, Lukoil, Surgutneftegas and Gazprom are taking part in the meeting.

Rosneft was represented by three executives, CEO Igor Sechin did not arrive. Sechin was due to attend to court for an interrogation of former Economic Development Minister Alexei Ulyukayev but failed to appear at court.

Spokesman for Rosneft Mikhail Leontyev declined to comment on the reasons why Sechin did not attend the meeting. “We are working with the Energy Ministry. Such attention to the lineup of the participants makes no sense; it is of a technical nature.”

Surgutneftegas CEO Vladimir Bogdanov said that at the meeting the executives discussed the OPEC deal and the current work issues. “We have been discussing many issues today, not only the agreement but the current affairs and what will be in 100 years.”

First Deputy CEO of Lukoil Ravil Maganov said that the next meeting will be held in a week, while Gazprom Neft CEO Alexander Dyukov said that the oil companies will continue to discuss the OPEC deal’s future with Novak there.

OPEC agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries including Russia agreed to cut their combined output by 558,000 barrels. The agreement was concluded for January–June and prolonged for nine months in May.

The next meeting on deal compliance is planned to take place on November 29.

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