Oil rising on weak dollar, not output pact: Sechin

8 Sep 2017   Prices

 The main driver behind rising oil prices is a weaker dollar and not a global effort by producers to curb output, Igor Sechin, chief executive of top Russian oil company Rosneft, has told TASS news agency. “The Americans support their shale oil producers through dollar depreciation,” TASS cited Russia’s most influential energy executive as saying. “I believe that the OPEC deal has no impact (on the market), it is the dollar devaluation,” Sechin said. The Organization of the Petroleum Exporting Countries and other producers including Russia have agreed to reduce output by around 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support prices. As for whether producers decide to extend that deadline, Sechin told TASS that OPEC leader Saudi Arabia would likely make its decision based on its plans to list oil company Saudi Aramco. “If it […]

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