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Oil markets need $ 70 a barrel to regain balance
9/8/15
Twilight News Igor Sechin, head of the Russian energy company "Rosneft" / said that the golden era of the Organization "OPEC" maintaining a balance in oil prices has ended when the organization decided not to geode crude production.
Sechin said during a meeting place for traders in commodities organized by the newspaper "Financial Times" in Singapore "if it had been committed to production quotas was the world's oil markets have regained their balance now."
The Saudi Arabia and other Gulf states behind the transformation of the Organization of Petroleum Exporting Countries "OPEC" strategy last year when the organization decided at its meeting to maintain the ceiling of oil production unchanged at 30 million barrels per day, in order to defend its market share rather than support prices by cutting production raw.
And experiencing the world oil markets from an increase in supply and less demand for oil, which led to a decline in the price of a barrel of oil by more than half since mid-2014, reaching the 7th of September / September to $ 49.07 per barrel compared to $ 115 a barrel in the 19th of July.
Sechin believes that global oil markets need to be an average price of $ 70 a barrel in order to regain its balance.
With regard to the production of Russia's oil, Sechin expressed his belief that the volume of crude production in Russia could reach 700 million tons in the near future, as opposed to the level of 526.7 million tons last year.
It remains Europe's share in Russia's oil exports volume is the largest, with Sechin said that Europe is still the main consumer of Russian oil, noting at the same time that the Asia Pacific market is considered promising for Russia despite the fact that Russia's oil exports to this market at the present time does not exceed 15% of the total volume of crude exports.
Sechin also discussed the issue of Russia's membership in the organization, "OPEC" that is involved in the organization as an observer, when he said that "OPEC" and issued an invitation to Russia to join the organization, but Russia has refused and will continue to be an observer in the group only, pointing out that the talks between the "OPEC" and Russia and lead to a positive exchange of views.
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9/8/15
Twilight News Igor Sechin, head of the Russian energy company "Rosneft" / said that the golden era of the Organization "OPEC" maintaining a balance in oil prices has ended when the organization decided not to geode crude production.
Sechin said during a meeting place for traders in commodities organized by the newspaper "Financial Times" in Singapore "if it had been committed to production quotas was the world's oil markets have regained their balance now."
The Saudi Arabia and other Gulf states behind the transformation of the Organization of Petroleum Exporting Countries "OPEC" strategy last year when the organization decided at its meeting to maintain the ceiling of oil production unchanged at 30 million barrels per day, in order to defend its market share rather than support prices by cutting production raw.
And experiencing the world oil markets from an increase in supply and less demand for oil, which led to a decline in the price of a barrel of oil by more than half since mid-2014, reaching the 7th of September / September to $ 49.07 per barrel compared to $ 115 a barrel in the 19th of July.
Sechin believes that global oil markets need to be an average price of $ 70 a barrel in order to regain its balance.
With regard to the production of Russia's oil, Sechin expressed his belief that the volume of crude production in Russia could reach 700 million tons in the near future, as opposed to the level of 526.7 million tons last year.
It remains Europe's share in Russia's oil exports volume is the largest, with Sechin said that Europe is still the main consumer of Russian oil, noting at the same time that the Asia Pacific market is considered promising for Russia despite the fact that Russia's oil exports to this market at the present time does not exceed 15% of the total volume of crude exports.
Sechin also discussed the issue of Russia's membership in the organization, "OPEC" that is involved in the organization as an observer, when he said that "OPEC" and issued an invitation to Russia to join the organization, but Russia has refused and will continue to be an observer in the group only, pointing out that the talks between the "OPEC" and Russia and lead to a positive exchange of views.
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