Rosneft CEO reveals real meaning of oil price war, outlines Russia’s role in it

Russia will not be a background actor in competition on the global oil market, head of Russian state-owned oil company Rosneft Igor Sechin said in an interview with Corriere Della Sera newspaper.

“What is the meaning of the current price war? I think, first of all, it’s a competition for shares on the market and Russia is not going in this case to be a background actor,” he said.

The head of Rosneft said he is also convinced that the market for a period of low oil prices will not last long, despite the fact that “producers, sellers and buyers have been discussing for two years how to find life-saving mechanisms and return to a regulated, stable market.”

According to him, “the recovery in oil prices is inevitable because reduction of capital investments leads to supply deficit and it is impossible to compensate this deficit quickly.”


Source: TASS

Author: zeina

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