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Oil oversupply on the market will be overcome in 2 years — head of Rosneft

April 12, 14:32 UTC+3 LAUSANNE
The surplus of supply on the market will be offset due to global growth of economy and consumption, depletion of existing fields, temporary shutdown of complex and underperforming projects, he says
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© Maxim Slutskiy/TASS

LAUSANNE, April 12. /TASS/. Oil oversupply on the market will be overcome in the course of 2 years, president of Russia’s state-owned oil company Rosneft Igor Sechin said at the 2016 Commodities Global Summit in Lausanne.

"The decisive factor of a sharp fall in oil prices is a significant excess of supply over demand. Today it looks that the oversupply will be overcome in two years," he said.

According to the head of Rosneft, during this period the surplus of supply on the market will be offset due to global growth of economy and consumption, depletion of existing fields, temporary shutdown of complex and underperforming projects.

"That means that it will take some time to achieve the market balance that we find inevitable. During this period the market will be characterized by a continuing volatility and making good decisions will require a proper analysis of short-term and fundamental factors," Sechin said.

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