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Rosneft Cuts Output
25.11.2014 22:26
Rosneft Cuts Output
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The Russian oil giant Rosneft said Tuesday it had cut its output by 25,000 barrels a day over falling oil prices. The crude price collapsed by almost a third since June.

      Rosneft’s CEO Igor Sechin made the statement after a meeting in Vienna with representatives from Venezuela, Saudi Arabia, and Mexico.

      Analysts say the reduction by 25,000 barrels per day is a tiny fraction of the company’s total production which averaged 4.1 million barrels per day over the last ten months.

      Rosneft has become the world's leading publicly traded oil producer after it took over BP's Russian venture TNK-BP for $55 billion in March 2013. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.8 bln barrels of oil equivalent – among the best indicators for a global publicly traded oil and gas company. Moreover, Rosneft is second-to-none on an international scale in terms of total proved liquid hydrocarbon reserves. The company’s proved reserve-to-production ratio is 25 years.

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Author: Mikhail Vesely

Tags: Rosneft     

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