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Russia’s Sechin says no threat for now of global oil deficit

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Russia’s Rosneft does not see tougher US sanctions on Iran resulting in a global oil deficit in the second and third quarters of 2019, the Russian oil giant’s CEO Igor Sechin said on Friday.

Asked whether Russia should gradually withdraw from a supply cut agreement with OPEC, Sechin pointed to US Secretary of State Mike Pompeo’s statement saying that any drop in Iran’s supplies would be offset by exports from Saudi Arabia and the United Arab Emirates.

Last Monday, US President Donald Trump decided not to reissue Iran oil waivers when they expire in May.