Written by Olesya Astakhova and Yousef Saba
RAS AL KHAIMAH, United Arab Emirates (Reuters) – Igor Sechin, the head of Russia's biggest oil producer Rosneft, said on Thursday that the OPEC+ group's decisions to cut oil production in 2016 and 2020 helped the US shale industry. and made it a global leader. power broker.
Sechin, speaking at a forum in the United Arab Emirates, said that Russia and its partners have made a significant contribution to strengthening the global energy market over the past 10 years.
Sechin, who has been cooperating with Russian President Vladimir Putin for a long time, has expressed doubts about Russia's cooperation with OPEC, saying that the United States benefited a lot from this agreement, which began in 2016.
Sechin told the UAE forum that Russia and its allies have helped stabilize the world's energy markets.
“OPEC+ decisions to stabilize the oil market in 2016 and 2020 greatly supported the US shale industry,” Sechin said.
Some analysts say OPEC+'s efforts to balance the global oil market have been thwarted by fuel shortages in China, the world's second-largest oil consumer, and increased production from non-OPEC countries, such as the US.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, pumps nearly half of the world's oil.
Later on Thursday, the group will hold an online meeting to decide on the 2025 production policy.
OPEC+ sources told Reuters that the group is likely to extend its latest round of oil production cuts for at least three months from January.
US oil production is expected to grow by only 2.3% this year, as shale producers remain focused on shareholder returns and reduce new spending on production, according to US government data.
Last year, oil sales from the United States grew by 13.5%. They have grown every year except 2021 when COVID-19 suppressed global oil demand, according to the data.
US crude oil production led global oil production for the sixth year in a row, with record production exceeding 12.9 million barrels per day, US Energy Information Administration data said.
(Reporting by Olesya Astakhova and Yousef Saba; writing by Vladimir Soldatkin; editing by Jason Neely and Jane Merriman)
Source link
