Russian companies back talks with OPEC on possible cuts to oil output

MOSCOW – The head of Russian state oil pipeline monopoly Transneft says talks on output cuts are planned with Saudi Arabia and OPEC.

Transneft head Nikolai Tokarev asserted Saudi Arabia had “taken the initiative and come by helping cover their a proposal to go over the potential of reducing volumes,” in comments reported by Russian news agency RIA Novosti.

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The negotiations might be inside the OPEC format or bilateral, although the Saudis would be the “main negotiators,” Tokarev was quoted as saying by Tass.

Speaking after a meeting between Russian Energy Minister Alexander Novak and representatives of the country’s leading oil companies, Tokarev was also quoted by Tass as stating that Transneft expected Russian oil exports to decline this summer.