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
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review