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Russian was burned in Doha and won't get back into bed with OPEC

Comments from Russia oil minister Novak:

  • Russian oil minister says hasn't received formal invitation to June OPEC meeting
  • Russia to continue contacts with Saudi Arabia
  • No immediate plans to meet new Saudi oil minister Falih
  • Will continue exchanging views with OPEC

A Reuters interview yesterday with Rosneft Executive Chairman Igor Sechin, who is very close to Putin, was telling.

"At the moment a number of objective factors exclude the possibility for any cartels to dictate their will to the market. ... As for OPEC, it has practically stopped existing as a united organization ."

"The company (Rosneft) was skeptical from the very beginning about the possibility of reaching any sort of joint agreement with OPEC's involvement in current conditions," said Sechin.

"Just to remind you, the only one question with which we responded to those who were interested to know our position: 'Who should we agree with, and how?' The development of the situation has clearly shown we were right."

Russia was burned by OPEC in Doha and I don't think they'll be back.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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