Sechin, who is considered one of Russia’s most powerful officials, called for oil markets to find a way to insulate themselves from the decline of the US dollar, which has led to a rise in the nominal US dollar price for oil.
“We need to protect the oil market from risks on the currencies market,” Sechin said. “As far as a peg to one currency is concerned there are no simple answers that could replace the existing system tomorrow or a day after tomorrow,” he said.
“But without work in this direction oil markets could become hostage of decisions of the government of one country.”
A Russian complaining that energy markets could be held hostage to the government of one country?!! I suspect his real complaint is not that a government might hold an energy market hostage, but that it is not his own government doing so.
