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According to chief executive of Rosneft, Russia is unlikely to work with OPEC to curb global supply glut in a bid to push oil prices higher, which is down more than 60% from its peak last year and down to its lowest point since financial crisis of 2008/09.
There has been some speculation over recent communications between Moscow and Russia could result in a supply agreement.
According Mr. Sechin, golden age for OPEC has passed and Russia unlike OPEC can't administer oil industry to agree to a quota.
According to Mr. Sechin, cost of oil production has fallen to $3/barrel for Rosneft, due to weaker Rouble, which makes Russia to compete easily with Middle Eastern producers.
However, lower oil price is causing havoc for high cost producers' who are struggling to refinance their loans. US shale industry is facing tough viability test as their cost of production is very high compared to Middle Eastern and Russian producers.
