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Rosneft's Sechin: U.S. oil output may erase gains of global cuts deal
June 2, 2017 / 7:46 AM / 6 months ago

Rosneft's Sechin: U.S. oil output may erase gains of global cuts deal

ST PETERSBURG, Russia (Reuters) - Oil producers in the United States could add up to 1.5 million barrels per day to world oil output next year, erasing any gains from a global oil output cut deal, Igor Sechin, the CEO of Russia’s largest oil producer Rosneft, said on Friday.

Rosneft Chief Executive Igor Sechin attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin

Sechin said the resilience of Russia’s oil industry had however been seriously underestimated by the market. He said Russia could further increase its oil production to meet rising demand in future.

Reporting by Dmitry Zhdannikov and Olesya Astakhova; Writing by Dmitry Solovyov; Editing by Andrew Osborn

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