Putin did not see oil quotes in the collapse of the OPEC “Nothing Special”

Russian President Vladimir Putin commented on a sharp drop in oil prices, which occurred after the decision of the organization of oil exporters to maintain hydrocarbons at the level of 30 million barrels per day. The head of state said that he sees in this "nothing special."

"This is an inevitable market reaction. At the same time, none of the major energy manufacturers insisted on some special actions to equalize prices, including us. We are satisfied with this as a whole, we do not see anything special here," Putin said, quoted by the Kremlin’s press service.

The President of Russia expressed confidence that the price for the barrel of energy will not remain at a low level. “Winter is ahead, and I am sure that in the first quarter - in the middle of the year the market will be balanced,” Putin made the forecast for 2015. A similar opinion on the eve was expressed by the head of the Rosneft oil company Igor Sechin. He said that the drop in hydrocarbons will not be protracted.

The head of the Russian oil company, as well as the President of the Russian Federation, said that oil price at the level of $ 60 per barrel will "arrange us". At the same time, he noted that Rosneft will have to move the terms for the implementation of some capital -intensive projects. What kind of projects are we talking about, he did not report.

- Sechin warned of a possible drop in oil prices below $ 60 - Rosneft President predicted by the end of 2015 to stabilize oil prices at 70-75 dollars - the cost of Rosneft fell below the cost of buying TNK -BP

The other day, the head of the Russian oil giant met with the new head of the French company Total Patrick Puyanna, who arrived in Moscow. According to the Vedomosti newspaper, in the framework of the Russian visit to Puyanna, meetings with the President of Lukoil Vagim Alekperov and Novatek Partners Leonid Michelson and Gennady Timchenko were also planned.

In addition to meeting with the leaders of the Russian oil market, Puyanna met with Vladimir Putin in Sochi. “All your colleagues warned me that I should say only good and pleasant about Sochi. And it’s all the more pleasant to say that the city is really wonderful. But St. Petersburg is also a good city,” Putyanna made a compliment to the native city of the president.

During a conversation with the head of state, the new head of Total also mentioned Leonid Michelson. Among the interlocutors, it was a question of the reward of honors to the deceased Christoph de Margeri, who, before his tragic death in a plane crash at Vnukovo Airport, headed Total on October 20. “I would like to mention the initiative that was formulated by you along with Mr. Mikhelson, to give the name of Christophe de Margerie to one of the first metabovoses to transport products,” President Pauyanna reminded.

Putin assured the head of Total that the name de Margeri will be immortalized by the Russian authorities. "You know that we not only posthumously awarded him the Order of Honor, the state award, but there are different offers to perpetuate his name, including the appropriation of his name to large sea vessels that will work in the field of energy," the head of state said.

At a meeting in Sochi, Putin told the head of Total that the Russian side "is always open to cooperation, is ready for him and hopes for continuing collaboration." “Yes, we really have many projects in Russia. Total today has almost 10 billion (dollars. - Note Newsru.com ) investments,” said Zayanna.

Rosneft's cost fell below the cost of buying TNK-BP

The decision of the OPEC, which Putin commented at a meeting with Patrick Puyanna, was adopted the day before, November 27, in Vienna. The oil cartel, which Russia is not included, agreed that it would not reduce production quotas.

Before the OPEC meeting, representatives of the organization met with the Russian delegation and discussed the situation in the oil market. After the statement of OPEC, oil prices fell sharply.

The January Brent oil futures on the ICE Futures London Exchange by the evening of November 27 fell by 6% - up to 73.06 dollars per barrel. At the same time, during the trading, the price fell to $ 72.74 per barrel - the lowest mark since September 2010.

The price of WTI oil futures for January on electronic auction in the New York commodity exchange dropped by this time by 5.8% - up to 69.45 dollars per barrel and was lower than $ 70 for the first time since June 2010.

Against the background of the fall in the price of an energy barrel and the actions of sanctions by the leading Western countries, Rosneft's capitalization has significantly decreased in dollar terms. According to November 28, it is estimated at a market of $ 52 billion, which is already less than the amount spent in 2013 for the purchase of TNK-BP for $ 55 billion.

Rosneft should be about $ 60 billion banks and bond holders, and in comparison with its profit, its debt load is higher than that of any other large oil company in the world, except for the Brazilian Petroleo Brasileiro SA

"The rapid expansion and growth of debt load made Rosneft more vulnerable to falling oil prices and the consequences of sanctions," said Bloomberg Oleg Popov from Allianz Investments.

The analyst Blackfriars Asset Management Ltd. Renata Clates. “If you need to sell the shares of the oil sector, you will choose the company's paper with the maximum debt load, and in Russia, Rosneft is such,” she said.

The profitability of the Rosneft depository receipts in London, which is determined by the dynamics of quotations and dividends, has been minus 29%over the past year. For comparison, Royal Dutch Shell PLC shares for the same period brought investors at the level of 5.9%, and Total SA - 8%.