RAS AL-KHAIMAH, December 5. /TASS/. Rosneft considers the price of Urals oil of $45-50 per barrel appropriate for itself, which allows drawing up the budget of the company’s output program, Chief Executive Officer Igor Sechin said.
"I would take $45-50 per [barrel of] Urals for minimizing those risks, for the budget, for drawing up the budget of our production program," he said at the 17th Verona Eurasian Economic Forum.
Sechin also mentioned a number of risks that may influence the global oil market in 2025-2026, including growth of output in the US from the current 13.4 mln barrels per day by another 400,000-600,000 barrels due to employment of a new oil and gas production technology and President-elect Donald Trump’s promise to cut corporate taxes to 15%, as well as interest rates.
Moreover, the market may lose around 1 mln barrels per day of supplies from Iran if the sanctions pressure on the country is intensified. However, Saudi Arabia still have a reserve of another 1 mln barrels per day. "How they will be used is another serious factor," Sechin said.
Much also depends on the volume of China’s consumption that totals 15.6 mln barrels per day. Beijing currently plans priming of economy, Rosneft’s chief executive noted. "Should this happen consumption in China will obviously rise, which will create additional opportunities for supplies to China," he said.