Russia's Rosneft (ROSN.MM) is ready to resume full oil output quickly once OPEC-led cuts end as the country's top producer has focused its own cuts on newer fields, its chief executive has said. "Restrictions (under the OPEC deal) are mainly applied to greenfields," Rosneft Chief Executive Igor Sechin told reporters last week, referring to newer oil fields. "We will maintain mature fields as they are and won't cut production there," he said.
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC's second-biggest and fastest-growing producer, Iraq, for a nine-month extension and said he expected no objections from anyone else.
The OPEC circus is back in Vienna this week for its bi-annual performance.