THREE MAIN PLAYERS
REUTERS wrote, Igor Sechin, the head of Russia's top oil producer Rosneft, said on Tuesday that Saudi Arabia, the United States and Russia were the three main players on global oil markets, dismissing again OPEC's role as a regulator.
He told Rossiya-24 TV that Russia's role in hydrocarbon markets will strengthen.
Russia is the world's top oil and natural gas producer, pumping oil at around 10.8 million barrels per day. It plans to at least keep production of crude oil, its chief export commodity, at the current level.
Sechin has said the Organisation of the Petroleum Exporting Countries (OPEC) has lost its power in term of its ability to regulate the global oil market.
"We believe that the (function of) regulation has moved to three main players, which are the United States, Saudi Arabia and Russia," he said.
"The main reasons which led to this are quite simple: the valuation of the resource base, the existence of technologies and financial tools... All the participants which I named have all the instruments," Sechin said, adding that the United States has the upper hand on the markets due to its prominent role as a big consumer.
"Russia has all the Soviet infrastructure in place... and we are working on new markets."
Last month, Sechin told Reuters that internal differences are killing OPEC and its ability to influence the markets has all but evaporated.
Rosneft expects the oil price to be $50-$55 per barrel by the year end, rising further to $65 by the end of 2017, Sechin added on Tuesday.
Speaking about government plans to sell 19.5 percent of Rosneft, Sechin said he favored selling to a strategic investor rather than place it on the stock market.
He said Rosneft has held not talks with Chinese or Indian companies about privatization.
|March, 18, 11:45:00|
|March, 18, 11:40:00|
|March, 18, 11:35:00|
|March, 18, 11:30:00|
|March, 18, 11:25:00|
|March, 18, 11:20:00|
PENNENERGY - Siemens Gamesa Renewable Energy has secured orders for the supply of 39 onshore wind turbines in France, with aggregate capacity of 104 MW, at five wind farms being developed in the regions of Hauts de France, Grand Est, Burgundy and in Western France.
FRB - Industrial production rose 1.1 percent in February following a decline of 0.3 percent in January. Manufacturing production increased 1.2 percent in February, its largest gain since October. Mining output jumped 4.3 percent, mostly reflecting strong gains in oil and gas extraction.
PLATTS - NYMEX Apr natural gas little changed at $2.678/MMBtu
BAKER HUGHES A GE - U.S. Rig Count is up 6 rigs from last week to 990, with oil rigs up 4 to 800, gas rigs up 1 to 189, and miscellaneous rigs up 1 to 1. Canada Rig Count is down 54 rigs from last week to 219, with oil rigs down 52 to 144 and gas rigs down 2 to 75.