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Rosneft CEO accuses US of using sanctions to benefit American oil companies

Russian Rosneft’s CEO Igor Sechin on Thursday slammed the US’ use of sanctions to target key oil producing countries, suggesting that the White House was seeking to create an uneven playing field for American companies.

Sechin said the US sanctions on Venezuela, Iran and Russia shut in about 1.5 million b/d of crude oil production in 2018. That is the same amount by which US production has increased over the past year, according to the US Energy Information Administration.

Crude supplies impacted by US sanctions could rise to 2.5 million b/d this year, Sechin said.

“The return to the sanctions against Iran, introduction of sanctions against Venezuela as well as sectoral sanctions against Russian oil and gas companies result in sanctioning of around a third of all the world’s liquids reserves,” he said at the St. Petersburg International Economic Forum.

“Paraphrasing Trump, I would like to call to the session participants: Let’s make the market great again,” Sechin added.

Russia is currently subject to US sanctions that limit access to Western financing and certain types of oil technology, and faces the prospect of further sanctions being imposed on its use of the dollar and extended limitations on Western companies’ involvement in Russian energy projects.

Russian energy minister Alexander Novak said the sanctions were creating volatility in the oil market.

“The energy sector is changing quickly, with the market featuring a high level of uncertainty, volatility, and tough regulation,” Novak told the forum.

“We understand that today trade wars and sanctions impact [the market] significantly, and provide uncertainties” that complicate decision making.
Source: Platts

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