• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 11 hours The United States produced more crude oil than any nation, at any time.
  • 1 day China deletes leaked stats showing plunging birth rate for 2023
  • 13 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
The New Trucking Trend Transforming Chinese Oil Demand

The New Trucking Trend Transforming Chinese Oil Demand

China's booming sales of LNG-fueled…

Falling Energy Prices Spark Hopes for Fed Rate Cuts

Falling Energy Prices Spark Hopes for Fed Rate Cuts

US inflation unexpectedly remained flat…

4 Questions About the Future of Electricity

4 Questions About the Future of Electricity

Despite skepticism about climate change,…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Rosneft Sees No Oil Deficit Looming As Iran Sanction Waivers End

Sechin Putin

Russia’s biggest oil producer Rosneft doesn’t expect the end of the U.S. sanction waivers for all Iranian oil buyers to lead to a global supply deficit this quarter and next, Rosneft’s chief executive Igor Sechin told Reuters on Friday.

“No, we do not see such threats,” Sechin replied, when asked if the “maximum pressure” on Iran’s oil industry could result in a global oil deficit.

Announcing the end of the waivers, the White House said on Monday:   

“The United States, Saudi Arabia, and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied. We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market.”

Speaking to reporters today, Rosneft’s Sechin said, as carried by Reuters: “I would attract your attention to Pompeo’s statement: he said, in any case, even by zeroing out the Iranian oil supplies, they would be offset by Saudi Arabia and United Emirates.”

“We have had extensive and productive discussions with Saudi Arabia, the United Arab Emirates, and other major producers to ease this transition and ensure sufficient supply,” U.S. Secretary of State Mike Pompeo said.

Russia, which leads the non-OPEC group of producers in the ongoing OPEC+ pact to cut supply, had signaled a reluctance to continue reducing production after the current deal expires in June, just before the U.S. took the global oil market by surprise announcing the end of all waivers for Iranian customers.

Earlier this year, reports emerged that Sechin, a long time critic of OPEC, had written a letter to Vladimir Putin, arguing that Russia should quit the OPEC+ deal, which, according to Sechin, threatens Russia’s market share while benefitting the United States.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News