Putin discusses Russia’s economy growth with ministersBusiness & Economy September 24, 2:38
Lavrov warns against partition of SyriaRussian Politics & Diplomacy September 23, 0:00
Lavrov calls to coordinate Russian, US military action in SyriaRussian Politics & Diplomacy September 22, 21:05
Lavrov blames Obama administration for souring Russia-US tiesRussian Politics & Diplomacy September 22, 20:41
Waging war on Korean Peninsula inadmissible, says LavrovRussian Politics & Diplomacy September 22, 20:36
Russian Northern Fleet completes drills in ArcticMilitary & Defense September 22, 18:01
OPEC and non-OPEC countries to continue talks on oil production cut dealBusiness & Economy September 22, 17:28
Russian pair figure skaters Kavaguti, Smirnov retire from sportSport September 22, 16:48
Record number of delegations register for St. Petersburg-hosted IPU AssemblyRussian Politics & Diplomacy September 22, 16:47
LONDON, February 10. /TASS/. Decision on oil prices are made by robots on currency markets, Rosneft CEO Igor Sechin told the International Petroleum Week forum on Wednesday.
"Today the financial technology implies that decisions are often made by robots on trading floors and by the software that manages them and impersonally responds to any instantaneous changes of the situation, which changes in the course of the trading, or information about the movement of oil reserves," - he said.
"We should admit that we underestimated the fact that financial participants of the market know no limitations in settlement of their own purely financial tasks and are ready to "test" any price levels - $27 in January and down to $10 per barrel, as it was recently announced by one respectable investor. This is nothing but an invitation to play an irresponsible game with an unlimited price decline?" - Sechin said.
Taking into account that specific capital expenditures that increased manifold the current oil prices are the lowest since 1973, Sechin said. He added that he does not rule out further oil price fluctuations.
On Tuesday, the price of WTI blend on the New-York Exchanged varied around $30 per barrel after plummeting to $26 per barrel on January 26, the lowest level in 12 years.