Largest Russian oil company CEO Igor Sechin quoted on Reuters 10 May 2016
- the time when OPEC could determine oil market conditions should be forgotten
Fighting talk from Russia's most influential oily-garch.
- cartels can not dictate their will to the market
- Rosneft was sceptical about chances of any joint agreemenrt on output freeze at Doha meeting.
Didn't have to be a rocket scientist to spot that one.
"The 1970s, when a series of the largest Middle East producers could determine global oil market conditions by creating cartel structures such as OPEC, should be forgotten," Sechin told Reuters in e-mailed comments.
"At the moment a number of objective factors exclude the possibility for any cartels to dictate their will to the market. ... As for OPEC, it has practically stopped existing as a united organisation."
It's not the first time that Sechin, a close ally of President Putin, has mouthed off about OPEC having previously said that OPEC had "lost its teeth" and that Russia should stick to its own strategy and protect its market share.
