Sechin rules out possibility of Russia joining OPEC

Russian oil rig in SiberiaRosneft CEO Igor Sechin today ruled out the possibility of Russia joining OPEC and said that Moscow would not work with it to curb a global oil glut even after prices hit the lowest level since the financial crisis last month
“The Russian oil industry is private with a high number of foreign shareholders,” Sechin told the Financial Times. “The Russian government cannot administer the oil industry like an Opec country can,” he added, saying Russia would also face technical difficulties in suspending production in regions like Siberia, where extremely cold winters could cause wells to fracture if they were shut down.

Source: FT