Is the world is likely to split into two rival oil blocs?
Save time by listening to our audio articles as you multitaskcalls him “one of the most powerful members of the Russian political elite”. As a Rosneft man through and through, he has stood up strongly for the country’s oil-and-gas industry, which accounts for about 45% of the national budget. And he has a nose for geopolitics, which helps Rosneft shape and fund Mr Putin’s despotic adventurism.
The West’s response to Russia’s assault on Ukraine has hit Rosneft hard. Though high oil prices enabled it to pay a record annual dividend recently, an oil embargo has throttled its access to European buyers. Since February it has borne the lion’s share of Russia’s drop in oil output. Firms that once cosied up to it now treat it as a pariah., a supermajor, has written off its near-20% stake.
Yet if anyone has seen this coming, it is Mr Sechin. Balancing Russia’s dependence on Western oil markets with business in the east, especially China, has been part of his strategy since Mr Putin first handed him control of Rosneft in 2004. From the outset, says James Henderson of the Oxford Institute for Energy Studies, a think-tank, Mr Sechin saw China’s commercial and strategic importance.
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