Putin Orders Support for Russia’s Oil Industry Amid OPEC+ Cuts
- President gives government until June 15 to devise measures
- Decree calls for ‘special rates’ for transportation of crude
Oil storage tanks stand in Konstantinovo village, near Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers.
Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products while the OPEC+ agreement is in effect, according to a document published on the Kremlin website. Igor Sechin, chief executive officer of Rosneft PJSC, Russia’s biggest oil producer, has called for an adjustment of transportation rates to bring them into line with market prices.