Igor Sechin, the head of Russian oil giant Rosenoft & one of the closest allies of Russian President Vladimir Putin, wrote a letter to the Russian President, saying that the Russia’s deal with the OPEC nations to slash oil output in order to balance the crude oil market could have been a strategic threat and it would also be played as a ploy by United States’ gulf allies such as Saudi Arabia.
Nonetheless, the letter written to Vladimir Putin did not include whether the country should further extend the agreement of cutting production, placed since 2017 between the large oil producing nations led by Russia and Organization of Oil Producing nations (OPEC).
Though, according to at least two well-positioned industry sources, the letter had been an indication of turning back and a clear signal to other senior Russian officials involved in the energy policy, that the Rosenoft head wanted the deal to be concluded.
However, it has not been guaranteed that the Russian President would back Sechin’s view over the nation’s energy policy, since the president appeared to be considering the pact as a part of something beyond business, such as dialogues over Saudi Arabia about over Syria and other geo-political issues.
One of the sources commented regarding Sechin’s letter, “The letter is a threat to the deal extension. But anyway, Putin is the ultimate decision maker. ”