has ended when the organization decided not to reduce crude production.

Sechin said during a meeting place for traders in commodities organized by "Financial Times" newspaper in Singapore that "if it had been committed to production quotas , the world's oil markets would have regained their balance now."

Saudi Arabia and other Gulf states were behind the transformation of the Organization of Petroleum Exporting Countries "OPEC" strategy last year when the organization decided at its meeting to maintain the ceiling of oil production unchanged at 30 million barrels per day, in order to defend its market share rather than support prices by reducing crude production.

The world oil markets are experiencing an increase in supply and less demand for oil, which led to a decline in the price of a barrel of oil by more than half since mid-2014, reaching the 7th of September / September to $ 49.07 per barrel compared to $ 115 a barrel in the 19th of July.

Sechin believes that global oil markets need an average price of $ 70 a barrel in order to regain its balance.

With regard to the production of Russia's oil, Sechin expressed his belief that the volume of crude production in Russia could reach 700 million tons in the near future, as opposed to the level of 526.7 million tons last year.

Europe's share volume in Russia's oil exports remains the largest, as Sechin said that Europe is still the main consumer of Russian oil, noting at the same time that the Asia Pacific market is considered promising for Russia despite the fact that Russia's oil exports to this market at the present time does not exceed 15% of the total volume of crude exports.

Sechin also discussed the issue of Russia's membership in the organization, "OPEC" that is involved in the organization as an observer, when he said that "OPEC" has issued an invitation to Russia to join the organization, but Russia has refused and will continue to be an observer in the group only, pointing out that the talks between "OPEC" and Russia are positive and leads to exchange of views.