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Rosneft CEO: Oil market would be balanced if OPEC met quotas

September 07, 2015, 10:59 UTC+3 SINGAPORE
According to Igor Sechin, the OPEC countries currently exceed their own quotas (30 mln barrels per day) by the amount, according to various estimates, from 1.5 mln to 2.5 mln barrels per day
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© Yegor Aleyev/TASS

SINGAPORE, September 7. /TASS/. The countries of the Organization of the Petroleum Exporting Countries (OPEC) are currently exceeding their own quotas by 1.5-2.5 mln barrels per day, Rosneft CEO Igor Sechin said Monday at the FT Commodities conference.

"A lot is still potentially connected to the OPEC losing its regulatory functions. I would like to note, that the OPEC countries currently exceed their own quotas (30 mln barrels per day) by the amount, according to various estimates, from 1.5 mln to 2.5 mln barrels per day. If the quota was met, according to our estimates and the OPEC Secretariat analysts, the global oil market would be balanced, which would undoubtedly have a positive impact on the oil price," he said.

Earlier Sechin said that there was no point for Russia to joint OPEC.

Consultations between OPEC and non-member countries of the organization are actively continuing in recent months against the backdrop of the sharp decline in oil prices.

Venezuela is taking steps to convene a special meeting of the OPEC members with participation of Russia in order to develop appropriate measures in connection with another drop in oil prices, Venezuelan President Nicolas Maduro announced on August 12.

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