"There are three regulators in the modern world. First is the American oil market, which produces 9.3m barrels per day. Then Saudi Arabia. And then Russia. So co-ordination of those three leaders, would certainly be beneficial for the market, for the companies, for the shareholders, for everyone," Sechin said.
The Rosneft head noted that the oil company would protect Russia's share in the oil market in case of the "abrupt" exit of OPEC countries from the oil output cut deal.
“Well, if the question is how Opec is going to exit from these arrangements: abruptly. We will also be prepared. If something goes wrong, we will not let them occupy our markets. We’ll defend ourselves,” Sechin said.
In November 2016, the OPEC member states signed an agreement in Vienna limiting oil production by 1.2 million barrels per day. On December 10, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day, with Russia cutting its output by 300,000 barrels per day for six months from January 2017. The agreement was going to expire in June but was prolonged for an additional nine months on May 25.
