X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 4 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 2 days Interest article about windmills and waterwheels in Europe
  • 12 hours Retired RAF pilot wins legal challenge over a wind farm
  • 21 mins Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days Chance for (Saudi)Arabian peninsula having giant onshore Gas too?

Russia’s Rosneft Boss Slams U.S. ‘Energy Colonialism’

The United States is using energy as a political weapon and its ‘golden era’ of energy could turn out to be an ‘era of energy colonialism’ for all other market participants, Igor Sechin, the chief executive of Russia’s largest oil producer Rosneft, said at a forum in Russia on Thursday.

There is no doubt that the U.S. is using energy as a political weapon on a mass scale, Sechin said at the St. Petersburg International Economic Forum today, as posted on Rosneft’s website.

mposing sanctions or even the threat of sanctions have a destructive effect on the global energy ecosystem, Sechin said, criticizing America’s approach to energy dominance.

“The golden era of American energy is now underway,” U.S. President Donald Trump said last month, while U.S. officials have started to refer to the U.S. exports of liquefied natural gas (LNG) as “freedom gas.”

The United States has long been accusing Russia of using energy, especially pipeline Russian gas to Europe, as a political weapon.   

Now the head of Russia’s biggest oil producer and a close ally of President Vladimir Putin is returning the favor by accusing the U.S. of wanting to suppress competitors and pariah states by imposing sanctions.

The Texas oil boom was the result of new sanctions that the U.S. slapped on Iran and Venezuela, sharply reducing their respective oil production, Sechin said, noting that as much as 2.5 million bpd of oil production could be subject to sanctions this year, up from 1.5 million bpd in 2018.

In order to have further growth in Texas, the U.S. may need to find a “new sanctions victim” and remove its oil supply from the market in order to replace it with Texas oil, Rosneft’s boss said, adding that “Any oil producing country could be that victim.”

Earlier this week, Sechin—who has criticized Russia’s involvement in the OPEC+ deal in the past—questioned the Russian rationale of sticking to the cuts, saying that the U.S. would take market share away from of Russia if the OPEC/non-OPEC deal is extended.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Brian Bresee on June 06 2019 said:
    I don't see the world lining up to seek citizenship in Russia, Iran, Venezuela or even China. There is a reason people want to live in the United States, reasons which back Trumps words. Maybe these leaders should embrace the oil message Trump is sending for the benefit of their people, instead of making all their decisions for their own personal benefit.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News