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Rosneft official compares OPEC to League of Nations and ghost that leaves no trace

June 02, 2016, 20:12 UTC+3 MOSCOW

According to the company's vice president, expecting decisive moves from OPEC is like turning to the League of Nations to resolve the conflict in Ukraine or Syria

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OPEC headquarters in Vienna

OPEC headquarters in Vienna


MOSCOW, June 2. /TASS/. Vice president and spokesman of Russian state-oil company Rosneft Mikhail Leontyev has compared OPEC with the League of Nations as the organization fails to carry out its functions. He also compared it to a ghost that leaves no trace.

"OPEC cannot leave hot trail, because ghost does not leave marks. Organizations with such contradictions cannot be called "organizations", let alone "cartel". The reality is that there are contradictions between market participants and there is an organization that under different circumstances was able to carry out some kind of policy more or less. Now this is no longer the case. Let's turn to the League of Nations to resolve the conflict in Ukraine or Syria. What a remarkable organization it was," Leontyev said.

According to him, discussion of setting quotas and the "freezing" of oil production is an "absolutely pointless idea, thrown into space to take attention off a problem subject and the sole purpose of it is to be used for speculations."

Leontyev said that Rosneft is still waiting for the balance of supply and demand on the oil market to restore within the previously announced forecasts.

"Everything that happens, shows that we were right - once the deficit disappears the basis for manipulation on the market will also disappear. The market is doomed to a supply shortage. Projects are being halted, capital expenditures are cut," the company’s representative said.

Leontiev stressed that the market needs regulation and he did not rule out that in the future a new organization will take over the function of OPEC.

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