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U.S. crude oil output is expected to rise to a record of more than 12 million bpd this year and climb to nearly 13 million bpd next year, the U.S. Energy Information Administration said on Tuesday. Sechin has been the only Russian official to consistently oppose the OPEC deal since the Kremlin endorsed the plan, saying it has allowed U.S. clout to rise significantly horse cufflinks. “The participants of the OPEC+ agreement have actually created a preferential advantage for the USA – that sees raising its own market share and the seizure of target markets as its primary task – which has become a strategic threat to Russia’s oil industry development,” the letter seen by Reuters says..
“The key strategic challenge which the domestic oil industry is faced with today is the further decline in Russia’s market share, despite the availability of quality recoverable oil reserves, necessary infrastructure and personnel,” it said. Rosneft, Russia’s largest oil producer, has been the main contributor to the country’s share of cuts. Rosneft has signaled that its oil production may increase by 3 percent to 4.5 percent this year, subject to OPEC agreements. Sechin, who worked closely with Putin in the mayor’s office of St. Petersburg in the 1990s, has long been skeptical of OPEC’s ability to regulate oil markets and has opposed output cuts before horse cufflinks.
Former Saudi Energy Minister Ali al-Naimi said in his 2016 book “Out of the Desert” that Sechin told him in a meeting with several oil ministers in Vienna in 2014 that Russia was not in a position to cut production horse cufflinks. In the book, Naimi wrote that he then gathered his papers and said, “so I think the meeting is over”. The first attempts to forge an OPEC-Russia output deal fell through that year. It took another two years of talks and Saudi Arabia replacing its oil minister to clinch a deal..
Sechin’s letter also reflects growing tension within Russia’s government over the oil production agreement. The head of Russia’s sovereign wealth fund, Kirill Dmitriev, one of the main architects of Russia’s agreement with OPEC, told Reuters in January that he saw no reason to abandon the pact, despite a steep rise in U.S. output horse cufflinks. Dmitriev said U.S. oil output would decline only if prices fell to $40 per barrel but if that happened it would also cause major damage to the Russian economy, which relies on oil and gas exports for more than half its budget revenues..
FRANKFURT (Reuters) – Prosecutors in the German city of Stuttgart are looking into a possible fine for auto supplier Robert Bosch for providing Volkswagen with engine management software that the carmaker used to cheat vehicle emissions tests in 2015. Volkswagen has paid out more than 27 billion euros ($31 billion) in penalties for using illegal software to disguise excessive levels of pollution from its diesel cars, triggering a global regulatory clampdown that has now reached Bosch. “It is correct that the Public Prosecutor’s Office of Stuttgart has opened monetary fine proceedings against Robert Bosch GmbH,” a spokesman for the company said in a statement on Friday horse cufflinks.