Shale oil is changing the structure of world production and export flows, Rosneft CEO Igor Sechin said at the conference 'Energy Bridge Russia–Japan' in Tokyo.
"These changes are associated primarily with the phenomenon of shale oil production and the fact that the balancing which was previously carried out by OPEC has passed on, in fact, to the regional US market, which has become the most important regulator on a global scale," Sechin noted.
The head of Rosneft noted that this happened not only because 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, a developed system of oil and gas pipelines and a large number of contractors, which multiplies the effect of the industry on the whole economy," he stressed.
According to him, in this context, "in the short- and medium-term, trends of the global oil market will also largely be determined by the US market."
