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Russia sees global advantage in oil

Oct. 17, 2013 at 6:52 AM

DAEGU, South Korea, Oct. 17 (UPI) -- With U.S. oil exports restricted and the Middle East and North Africa in turmoil, it's Russia that can ensure energy security, Rosneft said from South Korea.

Igor Sechin, the chief executive officer at state-owned oil company Rosneft, said Russia is in a unique position to meet the world's energy demands. He said U.S. steps to restrict oil exports in the wake of a 1970s oil embargo by Arab producers, along with security and infrastructure challenges in the Middle East and North Africa, leaves Russia with an advantage.

"We will make a considerable contribution to energy security," he told delegates Thursday at the World Energy Congress in Daegu, South Korea.

U.S. oil and gas production gains mean the country is using more of its own resources.

Russian Energy Minister Alexander Novak said Asian economies like China are expected to need more of the world's resources. Russian energy company Gazprom has said it was eager to capitalize on Asia's economic boom.

Several licenses are under review in the United States to export natural gas. Novak said Wednesday at the energy conference Russia would "look for a few years" to see what develops there.

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