Exclusive: Say goodbye to OPEC, powerful Putin pal predicts

Rosneft CEO Igor Sechin attends a briefing dedicated to the signing of a contract between Rosneft and Essar Oil Ltd. companies in Ufa

Rosneft CEO Igor Sechin attends a briefing dedicated to the signing of a contract between Rosneft and Essar Oil Ltd. companies in Ufa, Russia, July 8, 2015. REUTERS/Sergei Karpukhin

 

MOSCOW (Reuters) – Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel.

Russia, which has been hit hard by the oil price collapse, was flirting with the idea of cooperating with OPEC in recent months until tensions between OPEC members Saudi Arabia and Iran ruined a global deal to freeze output. Continue reading

North America to Drown in Oil as Mexico Ends Monopoly

The flood of North American crude oil is set to become a deluge as Mexico dismantles a 75-year-old barrier to foreign investment in its oilfields.

Plagued by almost a decade of slumping output that has degraded Mexico’s take from a $100-a-barrel oil market, President Enrique Pena Nieto is seeking an end to the state monopoly over one of the biggest crude resources in the Western Hemisphere. The doubling in Mexican oil output that Citigroup Inc. said may result from inviting international explorers to drill would be equivalent to adding another Nigeria to world supply, or about 2.5 million barrels a day. Continue reading