Economy Russian Rosneft says OPEC and its allies have not...

Russian Rosneft says OPEC and its allies have not been in Russia’s interests

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Russian Rosneft logo in image from Reuters archive.

MOSCOW (Reuters) – Russia’s oil giant Rosneft said on Sunday that the agreement between the Organization of Petroleum Exporting Countries (OPEC) and other producers to reduce oil production did not serve Russia’s interests as the United States moved quickly to make up for lost quantities in global markets.

A three-year agreement between OPEC and Russia ended on Friday after Moscow refused to support a further reduction in oil production to counter the effects of the Corona virus outbreak, with OPEC responding to that by eliminating all restrictions on its production.

The agreement, which was first announced in 2017, has been extended several times and remains in effect until March 31.

“All the quantities of oil, which have been reduced as a result of the extension of the OPEC + agreement several times, have been fully and quickly compensated in the global market with American shale oil,” Rosneft spokesman Mikhail Lontiyev told the Russian Information Agency.

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“Therefore, from Russia’s point of view, this deal was meaningless,” he added.

And Igor Sechin, president of Rosneft, one of Russia’s closest allies, Vladimir Putin, is the main opponent in Russia to this agreement as he sees the United States having acquired Russia’s share in the global market as a result of production cuts.

Prepared by Mohamed Farag for the Arabic Bulletin – Edited by Ahmed Hassan

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