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Russia's Top Oil Producer Sees Risk of Shale Neutering OPEC Deal

  • Rosneft CEO Igor Sechin comments at forum in St. Petersburg
  • Low crude prices are here for a long time, Sechin says
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Russian Economy Minister Says OPEC Deal Is Working

Russia’s most powerful oil boss said the deal between OPEC and its partners to curb output won’t stabilize the crude market over the long term as U.S. shale fills the supply shortfall.

“A decrease in production under an agreement between OPEC and non-OPEC could largely be balanced out by an increase in U.S. shale oil production by the middle of 2018,” Rosneft Oil Co. PJSC Chief Executive Officer Igor Sechin said at the St. Petersburg International Economic Forum.