Rosneft CEO Sees No Reason for Russia to Become Member of OPEC

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Russia’s oil giant head expresses no intentions of Rosneft to go into OPEC because of different methods of oil extraction between Russia and members of the Organization.

No reason for Russia to become a member of the Organization of the Petroleum Exporting Countries (OPEC), Russia’s Rosneft oil giant CEO Igor Sechin stated Monday at the FT Commodities conference in Singapore.

Sechin explained his statement by the technological differences in methods of oil extraction between Russia and OPEC members.

Rosneft’s CEO also listed as an explanation the fact that Russian oil market is mostly privatized and the government can not control it the way that it is done in OPEC member states, where the majority of oil companies are state-run.

 

 

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