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Sechin says main role at world oil market passed on from OPEC to US
Regulation of the world oil market has actually passed from OPEC to US, said Rosneft President Igor Sechin.
“Regulation, which has been previously executed by OPEC, has been passed on to US and this country has turned into the regulator at a global scale,” he said at the VTB Capital conference “Russia Calling!”
Sechin added that this has happened not only because of shale oil production. “There also other factors,” he said mentioning financial sources, financial derivatives, exchange sites, developed system of pipelines and a developed system of contractors.
He said that development of the oil market will determine how the shale production contracts are hedged.—0—
Economics
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