NATO secretary general comments on Russian military drillsWorld September 21, 21:34
NATO secretary general hails idea of deploying UN force in UkraineWorld September 21, 21:29
Russia ready to discuss alternative resolutions on UN mission to DonbassRussian Politics & Diplomacy September 21, 20:18
UN approves probe into Islamic State crimes in IraqWorld September 21, 20:10
Russia’s Alrosa mined all-time largest pink diamond in its historyBusiness & Economy September 21, 20:07
Russia submits Zvyagintsev’s film Loveless for OscarsSociety & Culture September 21, 19:16
Diplomat confirms Russia ready to support Iraq in fight against ISRussian Politics & Diplomacy September 21, 19:10
Russian, Syrian diplomats discuss cooperation within OPCWRussian Politics & Diplomacy September 21, 19:01
Putin talks to Russian Alisa voice assistant, inspects unmanned vehicle created by YandexScience & Space September 21, 18:33
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.