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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The State Oil Company of Azerbaijan (SOCAR) and Yokogawa Europe BV have organized an "Executive Workshop" as part of a broader cooperation framework established under a Memorandum of Understanding (MoU) signed between the two companies, SOCAR said in a statement.
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Azerbaijan’s Parliament has ratified a landmark agreement on the development and transmission of green energy with Kazakhstan and Uzbekistan. The agreement, signed by the leaders of the three countries during COP29 in Baku last November, aims to promote renewable energy sources, enhance energy security, and support sustainable development.
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Azerbaijan’s non-oil and gas exports increased by 0.3% in 2024, reaching $3.4 billion compared to the previous year, driven largely by higher sales of agricultural and food products, according to the latest Export Review by the Center for Analysis of Economic Reforms and Communication.
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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