Regulation of the global oil industry has shifted from OPEC to the U.S. – Sechin

Regulation of the global oil industry has shifted from OPEC to the U.S. – Sechin


The President of “Rosneft” Igor Sechin believes that the change of the global controller in the global oil market has occurred due to the discovery of shale deposits, but also due to the fact that in the U.S. “there is a whole set of factors that affects the development of a competitive oil market.”

MOSCOW, 13 Oct. The regulation of the world oil industry is now conducted by non OPEC countries, and the United States, this country will determine the development of the oil market in the medium term, says the President of “Rosneft” Igor Sechin.

“The regulation, which previously was performed by the countries belonging to the OPEC organization, was formed rather on the regional US market, which has become the most important regulator of global scale,” said Sechin, speaking at the forum “Russia calling” organized “VTB Capital”.

According to Sechin, the change of the global controller in the global oil market was not only due to the discovery of shale deposits, but also “due to the fact that in the US there is a whole set of factors that affects the development of a competitive oil market.” Such factors include funding sources, financial derivatives, stock exchanges, and also the developed system of oil and gas pipelines, a huge number of competitive contractors in the United States, said Sechin.

“In this regard medium-term global oil market will also depend on the market in the USA”, — said the President of “Rosneft”. In particular, the market will be determined by how to hedge contracts for shale extraction.