Rosneft: OPEC is dead, and US hegemony in the oil market
The previously influential Organization of the Petroleum Exporting Countries (OPEC) today lost its position as the regulator of the world oil market through Saudi Arabia, giving way to the United States.
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This opinion was expressed by the press secretary of the Rosneft company, Mikhail Leontyev, reports Russian News Service.
“There is a wild increase in production. Indeed, the Saudis are walking like the last day, because they, having spent 360 billion dollars, have achieved nothing by increasing production, except for one thing - they have lost the ability to regulate markets. If OPEC used to be a regulator, now it is not, it died thanks to the actions of the Saudis,” he noted.
In his opinion, they have maintained their certain market share and are trying to do so further. However, OPEC failed to destroy shale production, although it worked not against the US, but against other producers outside the cartel to prevent them from increasing market share.
“America continues to be the main regulator of the world market,” Leontyev stated.
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