Moscow – Rosneft’s Sechin Says Oil Could Fall Below $60/Barrel Next Year

    6

    Rosneft Chief Executive Officer Igor Sechin speaks to the media March 19, 2014. REUTERS/Toru Hanai/FilesMoscow – Russia’s most powerful oil official Igor Sechin said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year.

    Join our WhatsApp group

    Subscribe to our Daily Roundup Email


    Sechin, chief executive of Rosneft, Russia’s largest oil producer, also said U.S. oil production would fall after 2025 and that an oil market council should be created to monitor prices, the same day the OPEC cartel met in Vienna and left its output targets unchanged.

    “We expect that a fall in the price to $60 and below is possible, but only during the first half, or rather by the end of the first half (of next year),” Sechin told the Die Presse newspaper.

    On Thursday, OPEC decided against production cuts to halt a slide in global oil prices, sending benchmark Brent crude plunging to a fresh four-year low below $73 a barrel. Russia is not a member of OPEC.

    Sechin, who met representatives from world oil powers in Vienna earlier in the week, said he believed Russia had the potential to cut between 200,000 and 300,000 barrels a day of production if prices remained low.

    On U.S. oil production, Sechin said: “After 2025, the production volumes will decrease, namely because of the resource base, to the extent that we know it today.”

    Earlier on Thursday, Rosneft said in a statement that OPEC’s decision to leave its output unchanged would not affect the work of the company.


    Listen to the VINnews podcast on:

    iTunes | Spotify | Google Podcasts | Stitcher | Podbean | Amazon

    Follow VINnews for Breaking News Updates


    Connect with VINnews

    Join our WhatsApp group


    6 Comments
    Most Voted
    Newest Oldest
    Inline Feedbacks
    View all comments
    volfie
    volfie
    9 years ago

    Gasoline should go back to 99cents a gallon-no additional government taxes -that would spur the world-wide economy.
    The hell with the arabs and russkies !

    Oyvey
    Oyvey
    9 years ago

    American oil through fracking is relatively expensive to produce. By allowing oil prices to drop, OPEC is putting the American competition out of business. Once the Americans close up shop, oil goes back up. To close and reopen is expensive and slow and takes time. Once closed, OPEC can put their prices back up.

    ayoyo
    ayoyo
    9 years ago

    Here we see how the price of oil is manipulated by the big companies ,that are sucking up the money of the whole world