Rosneft CEO: oil market overcomes peak instability

Rosneft CEO: oil market overcomes peak instability

The last year proved to be crucial for the oil market, which managed to overcome peak instability, the CEO of Russia’s Rosneft oil company, Igor Sechin, said at an annual shareholders’ meeting in Russia's Krasnoyarsk.

"The year 2017 proved crucial in many aspects, as the global oil industry overcame the most acute period of instability and we even saw a new trend for price stabilization," he stressed.

"At the same time, the industry’s further sustainable development requires that the policy of unilateral sanctions, investment restrictions and tariff decisions be abandoned," TASS cited  the Rosneft CEO as saying.

According to Sechin, this year "continues to bring troubling news about this unilateral policy taking the form of a potential full-scale trade war, which definitely runs counter to the goals and objectives of the industry’s sustainable development."

"Today, the market is quite united in expectations of the structural oil deficit in the next 10 years, as the growing demand comes along with a fall in production," Sechin added. "For Rosneft ... such a situation creates unique opportunity to increase global market share."