Foreign ministry spokeswoman slams CNN after publication of all Trump's 'Russia remarks'Russian Politics & Diplomacy January 17, 9:46
Global elite gathering at Davos to discuss world economy challengesBusiness & Economy January 17, 9:29
Diplomat: Moscow knows very little about Trump's plans for Iran nuclear dealRussian Politics & Diplomacy January 17, 9:18
Diplomat states 'practically no grounds' for accusing Damascus of chemical attacksRussian Politics & Diplomacy January 17, 8:29
Russian diplomat says members of US Congress 'lost grip of reality'Russian Politics & Diplomacy January 17, 8:22
Topol-M missile fired from Plesetsk hits hypothetical target in KamchatkaMilitary & Defense January 17, 4:31
Trump has big respect for Russian people and culture, says advisorWorld January 17, 4:30
Paintings by Chagall, Russian 16th century icons to be on display at Brussels art fairSociety & Culture January 16, 21:50
Russia calls to probe into attack on Moscow Patriarchate’s church in Kiev — diplomatRussian Politics & Diplomacy January 16, 21:25
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.