ST. PETERSBURG, June 17. /TASS/. Rosneft is not afraid of competing with Saudi Arabia on oil prices, Chief Executive Officer of the Russian oil major Igor Sechin said on Friday at the St. Petersburg International Economic Forum (SPIEF).

"We should respond to the market situation, rather than to activity of Saudis. We are not giving up our positions neither in India nor in Indonesia. I think we will work everywhere. Europe is connected with us by sound infrastructure; we can demonstrate efficiency," Sechin said.

Mass media reported earlier Saudi Aramco is cutting prices for European consumers but increasing the same for the United States. The price reduction was associated with resumed Iran’s oil supplies to Europe.