Russia Sees U.S. not OPEC as the Power in the International Oil Market

In an interview on Wednesday, Igor Sechin, the head of Russia's top oil producer, Rosneft, said that the U.S. not OPEC is "calling the shots on global oil markets." The U.S. accounts for 10% of the global crude production in 2015 compared to less than 6% in 2008, due to the shale boom. OPEC has tried to maintain is oil share in the global market by refusing to curb its output to prop up oil prices.  However, Sechin says that "OPEC's influence over oil prices has declined." Lower oil prices have damaged the Russian economy.