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Rosneft CEO says growth of global oil price inevitable due to shortage of investment

Oil demand keeps growing, having increased by 2.4 mln barrels per day to record 102 mln barrels per say in 2023, Igor Sechin noted

ST. PETERSBURG, June 17. /TASS/. Global prices of oil will rise amid its deficit on the market because of the shortage of investment, Chief Executive Officer of Rosneft Igor Sechin said at the St. Petersburg International Economic Forum (SPIEF).

"Underinvestment with inevitably create deficit on the market, which will push oil prices up. This is also stated by Saudi Arabia, which has announced another reduction of output, the third one since the (OPEC+) agreement was enforced, and it is interested both in the long-term stability of the market and prevention of speculative volatility and maintenance of the oil price at the level of $80 per barrel and its further growth," he explained.

That said, oil demand keeps growing, having increased by 2.4 mln barrels per day to record 102 mln barrels per say in 2023, Sechin noted.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is the theme of this year’s forum. TASS is the official information partner of the event.

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