As world leaders and oil company executives gathered at the St Petersburg Economic Forum from June 6, major figures in the world of oil staked out their position on issues of pricing and supply. Russian President Vladimir Putin put the onus on Saudi Arabia to make the case for continuing a supply cut agreement set to expire at month’s end, saying that Russia could do fine with an oil price in the range of $60-65/b. Lukoil CEO Vagit Alekperov said at the forum that $60-$70/b was a “comfortable” price and that he saw no need for the OPEC/non-OPEC pact to raise output. Their comments come following a sharp decline in oil prices, with Brent crude futures shedding around $7/b in the 10 days preceding the conference. Meanwhile, Rosneft CEO Igor Sechin highlighted the need for greater energy cooperation between Russia and China. “With oil production growth and respective increase in hydrocarbons trading, we’ll be able to establish new marker blends and impact price setting,” Sechin said. Sechin added that trading in the countries’ currencies would give the ruble and the yuan greater status and reduce the risk of exposure to US sanctions by avoiding dollar transactions. Both countries’ relations with… continue reading
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Source: CTRM Center