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Russia’s largest oil company Rosneft has already completed the switch away from the U.S. dollar to euros in its export contracts to minimize risks from potential new U.S. sanctions, Rosneft’s chief executive Igor Sechin said on Thursday.
Rosneft has already fully switched to euros as the base currency for all its export contracts, and sees big potential in working in euros, Sechin said at the Eurasian Economic Forum in Verona, Italy, on Thursday.
According to Rosneft’s top executive, the Chinese yuan could become a much more important global currency in the future, because of Chinese economic growth.
The share of the U.S. dollar in the global oil and oil products trade is around 90 percent currently, Sechin said but noted that in ten years’ time, due to the Chinese economy, the yuan could raise its share from the current 2 to 5 percent.
Russia is looking at ways to settle its energy transactions in euros and/or rubles in order to avoid dealing with dollars, Russian Economy Minister Maxim Oreshkin told the Financial Times in an interview earlier this month.
At the beginning of October, reports emerged that Rosneft set the euro as the default currency for all new exports of crude oil and refined products, as the state-controlled giant looks to switch as many sales as possible from U.S. dollars to euros.
Related: How Much Oil Is Up For Grabs In Syria?
As of September, Rosneft was seeking euros as the default option of payment for its crude oil and products.
Rosneft is the biggest oil exporter from Russia, selling around 2.4 million barrels per day (bpd) of oil, according to Reuters Estimates.
The United States has not ruled out imposing sanctions on Rosneft over its involvement in trading oil from Venezuela. Rosneft has been reselling the oil from the Latin American country to buyers in China and India and thus helping buyers hesitant to approach Venezuela and its state oil firm PDVSA because of the U.S. sanctions on Caracas, and, at the same time, helping Venezuela to continue selling its oil despite stricter U.S. sanctions.
By Tsvetana Paraskova for Oilprice.com
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(Bloomberg) — It’s time for Saudi Arabia to join the ranks of the rest of the world’s “fragile” oil producers after attacks on its energy facilities exposed the kingdom’s vulnerability to supply interruptions, according to Russia’s top oil executive.
This may seem like a diplomatic faux-pas between the two allies at the heart of the OPEC+ alliance, but Rosneft PJSC Chief Executive Officer Igor Sechin has traditionally been an unapologetic opponent of closer cooperation with Saudi Arabia and the Organization of Petroleum Exporting Countries. In 2016, weeks before the original OPEC+ output-cuts deal was agreed, he said Russia was capable of boosting its crude production. This June, as the two nations worked to extend the deal, Sechin warned it would benefit Saudi Arabia but not Russia.
“As a result of the attacks on Saudi Arabia’s oil infrastructure, at least half of the nation’s production was temporarily blocked,” Sechin said at the Eurasian Economic Forum in Verona. “Not only the traditional five countries — Iran, Venezuela, Libya, Iraq, Nigeria — but also Saudi Arabia now can be considered a fragile supplier.”
Sechin’s Verona speech comes just a week after Putin visited Saudi Arabia, for the first time since 2007, to strengthen economic and political ties with the kingdom.
During President Vladimir Putin’s visit, energy ministers from the two countries signed a long-term cooperation charter, and state-run Saudi Arabian Oil Co. opened the doors to Russian reporters to showcase the recovery in production and processing capacity at the Abqaiq and Khurais sites, which were attacked in September. Energy Minister Alexander Novak said at the time that Russia and Saudi Arabia hold a shared view on the global oil market.
Earlier this year, Russia grappled with its own crude-supply incident as the Druzhba contamination crisis forced it to make sharp output cuts. The disruption, which started with minor warnings about high levels of organic chlorides in Russian crude, soon became the biggest disruption to the country’s oil flows in decades. Source
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