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No market factors for oil prices crisis — Rosneft CEO

February 10, 2015, 17:46 UTC+3 LONDON
A disruption of investment basics in the sector might have a negative impact on the markets, says Rosneft CEO Igor Sechin
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Rosneft CEO Igor Sechin

Rosneft CEO Igor Sechin

© Mikhail Metzel/TASS

LONDON, February 10. /TASS/. There were no market factors for the current global oil price crisis, Chief Executive Officer of Russia’s biggest oil producer Rosneft Igor Sechin said on Tuesday at an IP Week (International Petroleum Week) in London.

"No doubt, we’re currently facing an acute crisis on the oil markets," Sechin said. "In the last 50 years there’ve been several such crises, politically-and economically-related," he added.

However, in the second half of 2014, the oil price plunge differed from the previous precedents on a number of parameters, Sechin said. "The supply and demand are still on almost the same level, and there were no market factors before," he said.

Speaking about the impact of the current situation on the global market, Sechin said that "in response to a sharp drop in oil prices companies around the globe cut their investment programs," referring to some independent forecasts assuming that big market players will cut them by more than $100 billion.

"We’re facing a disruption of investment basics in the sector, this might have a negative impact on the markets," Sechin said, adding that a sharp cut in oil output might cause "a deficit in demand already in Q4".

"Small and medium companies will suffer most," Rosneft CEO said. "Quoted prices of independent players on the stock market are falling, and they might become an object for acquisition," he said.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS

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