US Senate passes bill toughening anti-Russia sanctionsWorld July 28, 3:10
Russia, China round up joint naval exercise in Baltic SeaMilitary & Defense July 27, 21:27
Chechen leader says he is ready to quit his job to protect al-Aqsa Mosque in JerusalemSociety & Culture July 27, 21:07
Russian tennis star Sharapova granted wildcard for WTA tournament in CincinnatiSport July 27, 20:11
Russia invites Baltic partners to attend naval review in St. PetersburgMilitary & Defense July 27, 19:38
Russia’s new ambassador to Turkey presents his credentials to ErdoganRussian Politics & Diplomacy July 27, 19:03
Deadly wildfires in southern EuropeWorld July 27, 18:20
Russia interested in cooperation with Finland on Arctic environmentBusiness & Economy July 27, 18:14
New US anti-Russia sanctions way to pursue its economic interests with cynicism — PutinRussian Politics & Diplomacy July 27, 18:11
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.