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Rosneft CEO reveals real meaning of oil price war, outlines Russia’s role in it

October 21, 2016, 19:11 UTC+3 VERONA
The recovery in oil prices is inevitable, Rosneft CEO believes
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© Ruslan Shamukov/TASS

VERONA, 21 October. /TASS/. Russia will not be a background actor in competition on the global oil market, head of Russian state-owned oil company Rosneft Igor Sechin said in an interview with Corriere Della Sera newspaper.

"What is the meaning of the current price war? I think, first of all, it's a competition for shares on the market and Russia is not going in this case to be a background actor," he said.

The head of Rosneft said he is also convinced that the market for a period of low oil prices will not last long, despite the fact that "producers, sellers and buyers have been discussing for two years how to find life-saving mechanisms and return to a regulated, stable market."

According to him, "the recovery in oil prices is inevitable because reduction of capital investments leads to supply deficit and it is impossible to compensate this deficit quickly."

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