Warning of destabilizing the oil market due to US exports



Number of Views 300 Date 02/06/2017 - 20:05

Economy News _ Baghdad:

MOSCOW (Reuters) - Russia's oil giant Rosneft said on Friday the global deal to cut oil output had given only a temporary respite, adding that growing oil exports to US producers could further destabilize the market.
Igor Sechin said low oil prices would remain for a long time, adding that market stability could not be restored unless all producers stopped production, Reuters reported.

He said crude producers in the United States could add up to 1.5 million barrels per day for world oil production next year, eliminating any gains from the global agreement to cut production.

The market is really underestimating the resilience of Russia's oil sector, he said, adding that Russia could increase its oil production more to meet growing demand in the future.

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