Russia Floats Oil Production Cut… While Simultaneously Blaming OPEC

Rosneft‘s CEO has floated a plan for a global, coordinated oil production cut and a vote is scheduled today in the U.S. Senate on a customs bill to better enforce U.S. trade laws.

Rosneft Supports Oil Output Cut

The head of Russian state-run oil company Rosneft on Wednesday floated the idea of a coordinated output cut by major oil-producing countries to prop up sagging prices but fell short of saying whether Moscow would contribute to such a plan.

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Rosneft Chief Executive Igor Sechin, a close ally of President Vladimir Putin, told the IP Week conference in London that the global oil glut was predominantly the fault of the Organization of the Petroleum Exporting Countries (OPEC).

Senate To Vote on Customs Bill Today

The long-delayed customs bill is headed to the full U.S. Senate for approval today. If the Senate approves the conference report of the Trade Facilitation and Trade Enforcement Act (ENFORCE Act, H.R. 644), it will move on to the White House for the President’s signature.

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The bill is designed to better enforce and uphold US trade laws.