MOSCOW (Reuters) - The main driver behind rising oil prices is a weaker dollar and not a global effort by producers to curb output, Igor Sechin, chief executive of top Russian oil company Rosneft , has told TASS news agency.
"The Americans support their shale oil producers through dollar depreciation," TASS cited Russia's most influential energy executive as saying.
"I believe that the OPEC deal has no impact (on the market), it is the dollar devaluation," Sechin said.
The Organization of the Petroleum Exporting Countries and other producers including Russia have agreed to reduce output by around 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support prices.
As for whether producers decide to extend that deadline, Sechin told TASS that OPEC leader Saudi Arabia would likely make its decision based on its plans to list oil company Saudi Aramco.
"If it goes for (the listing), they will be interested in higher prices and will probably encourage their OPEC partners to extend it. If they don't, they will be less interested."
(Reporting by Vladimir Soldatkin; writing by Maria Tsvetkova; editing by Jason Neely)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
