Sechin: the development of a competitive oil market now form the U.S., not OPEC

TOKYO, November 6. /Corr. Cyril Agafonov, Igor Belyaev/. Shale oil changes the global structure of production and export flows. About it on opened on Friday in Tokyo conference “energy bridge “Russia-Japan” said the President of “Rosneft” Igor Sechin.

“These changes are associated primarily with the phenomenon of shale and the fact that the balancing that was conducted before OPEC, has moved essentially to the regional US market, which has become the most important regulator of global scale,” – said Sechin.

The head of “Rosneft” noted that it happened not only because of sharply increased shale production, but also because “it is in the U.S. there is a whole set of factors that shapes the development of a competitive oil market.” “It and financial sources, financial derivatives, stock exchanges, the developed system of oil and gas pipelines and a huge number of contractors who multiplicious on the whole economy the effect of the industry,” he said.

International conference

In Tokyo on Friday opened the first international conference on energy cooperation between Russia and Japan. The main theme of the conference, according to organizers, will be the development of energy in the coastal areas of the Arctic ocean, and the use of the Northern sea route for transportation of cargoes, including liquefied natural gas (LNG). In the conference, a panel discussion, and three sections devoted to the use of the Northern sea route, development of pipelines and LNG, and electricity.