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President of the Russian Rosneft: the golden age of OPEC is gone
07.09.2015
CEO of Russian oil major Rosneft said that the golden age of states Organization of Petroleum Exporting Countries (OPEC) maintaining a balance oil markets have ended when the group decided not to cut production in November last year to stop the erosion of prices.
Said Igor Sechin during a meeting place for traders in commodities organized by the Financial Times newspaper in Singapore on Monday, "the golden age of this organization has gone."
"If that was the commitment quotas (production) would have been the world's oil markets may now Astaaadt balance" in reference to OPEC's decision in November in November 2014 to maintain the high production near record levels for the protection of its market share instead of price support.
Oil prices have slid below $ 50 a barrel since June Dhurth in June 2014 with the arrival of global production to record levels above consumption. Sechin said that global oil markets need to be an average price of $ 70 a barrel in order to regain its balance. It ended 29 quarters e
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07.09.2015
CEO of Russian oil major Rosneft said that the golden age of states Organization of Petroleum Exporting Countries (OPEC) maintaining a balance oil markets have ended when the group decided not to cut production in November last year to stop the erosion of prices.
Said Igor Sechin during a meeting place for traders in commodities organized by the Financial Times newspaper in Singapore on Monday, "the golden age of this organization has gone."
"If that was the commitment quotas (production) would have been the world's oil markets may now Astaaadt balance" in reference to OPEC's decision in November in November 2014 to maintain the high production near record levels for the protection of its market share instead of price support.
Oil prices have slid below $ 50 a barrel since June Dhurth in June 2014 with the arrival of global production to record levels above consumption. Sechin said that global oil markets need to be an average price of $ 70 a barrel in order to regain its balance. It ended 29 quarters e
[You must be registered and logged in to see this link.]
