A Reuters interview with Pavel Sorokin on why Russia opposed the deeper cuts to oil production
- "We cannot fight a falling demand situation when there is no clarity about where the bottom (of demand) is"
- "It is very easy to get caught in a circle when, by cutting once, you get into an even... worse situation in say two weeks: oil prices would shortly bounce back before falling again as demand continued to fall."
The minister added Russia was open to talking with OPEC again
- "All communication channels are open, but I cannot predict when we will meet again - this largely depends on our partners"
I'd suggest the current lose-lose situation means the two will be speaking again sooner rather than later.
