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US government plans to eliminate fossil fuel consumption within 5 years — Rosneft CEO

According to Igor Sechin, the Biden administration's energy policy only addresses pre-election issues with a two-week planning horizon

BAKU, October 27. /TASS/. The current US policy aims to eliminate the consumption of fossil fuels in the country within five years, which is unacceptable for an industry where investments are planned for 20 years or longer, Rosneft CEO Igor Sechin said on Thursday at the 15th Verona Eurasian Economic Forum in Baku.

"The Biden administration’s fossil fuel policies and public are also not helpful in fostering an atmosphere that is favorable to investment. The White House may be demanding additional supplies from producers today, but its political priorities are to eliminate the need for them within just five years. Such timeframe is extremely short for an industry where investments are often planned for 20 years or more," he said.

According to him, the Biden administration's energy policy only addresses pre-election issues with a two-week planning horizon. "This includes efforts to encourage Saudi Arabia to at least delay the announcement of this decision until the US Congress elections," he added.

Sechin, on the other hand, emphasized Saudi Arabia's balanced stance, which guarantees the stability of the global oil market. "I want to reaffirm my respect for the balanced position of Saudi Arabia, free from political conjuncture, based on an objective analysis of the balance of supply and demand," he added.