The global oil market has not yet shown clear signs that it has reached a turning point, and if oil prices stay relatively stable, U.S. shale production will rise significantly next year and possibly destabilize the market again, Rosneft’s chief executive Igor Sechin said on Thursday. “The analysis shows that the announced goal of inventories stabilization has not been fully implemented and it is too early to talk about a watershed in the global market,” said Sechin, who is known for his criticism and skepticism toward OPEC’s ability to ‘fix’ the oil market. Also on Thursday, OPEC’s Secretary General Mohammad Barkindo said that the OECD stock overhang had dropped from 338 million barrels above the five-year average at the start of this year to 159 million barrels above the five-year average in September. According to Rosneft’s Sechin, the rebalancing of the oil market is further hampered by the lack […]