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Russian Igor Sechin said oil rising on weak dollar, not output pact


By Reuters Staff

Petroleumworld 09 11

The main driver behind rising oil prices is a weaker dollar and not a global effort by producers to curb output, Igor Sechin, chief executive of top Russian oil company Rosneft, has told TASS news agency.

“The Americans support their shale oil producers through dollar depreciation,” TASS cited Russia's most influential energy executive as saying.

“I believe that the OPEC deal has no impact (on the market), it is the dollar devaluation,” Sechin said.

The Organization of the Petroleum Exporting Countries and other producers including Russia have agreed to reduce output by around 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support prices.

As for whether producers decide to extend that deadline, Sechin told TASS that OPEC leader Saudi Arabia would likely make its decision based on its plans to list oil company Saudi Aramco.

“If it goes for (the listing), they will be interested in higher prices and will probably encourage their OPEC partners to extend it. If they don‘t, they will be less interested.”

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