Sechin: Regulation of oil market passes on from OPEC to the USA

The structure of world production and export flows of oil changed markedly in recent years. "These changes are associated primarily with the phenomenon of shale oil production and the fact that the balancing, which previously was carried out by OPEC, has passed on, in fact, to regional US market, which has become the most important regulator of global scale," - said Sechin.

The head of Rosneft noted that this happened not only because the shale oil production increased dramatically, but also because "the United States has a whole set of factors that shape the development of a competitive oil market". "These are financial sources, financial derivatives, stock exchanges, the developed system of oil and gas pipelines and a large number of contractors, which multiplying effect of the industry on the whole economy," - said Sechin. "In this context, in the short- and medium-term, trends of the global oil market will also largely be determined by the US market," - the head of Rosneft forecasted.