Sichin believes that oil can rise in price to $ 60 per barrel

The head of Rosneft, Igor Sechin, told in an interview with the Russia 24 channel, under what conditions, in his opinion, oil prices can be restored. He believes that at the end of the year, a barrel of Brent can cost $ 50-60.

Sechin called the condition for rising prices "the output of [American] shale oil from the market." We appreciated the probability of this here .

Oil prices collapsed after Russia left the OPEC+transaction. The main supporter of this decision was Sichin. From the very beginning, he believed that the OPEC+ transaction is unprofitable for Russia and plays into the hands of American shale oil manufacturers, maintaining the price at a comfortable level for their high cost of production.

“The oil market is undergoing a crisis. There are objective factors, there are subjective factors, let's try to figure it out. For example, is there a factor in the influence of political cycles? Eat. Elections in the USA, for example. In Saudi Arabia, a possible change in leadership, you just need to take this into account. The coronavirus factor, of course, is affected by: reducing the work of transport, refusal to use aircraft, generally isolation of entire regions of the world, of course, reduces consumption. ”

Igor Sechin, head of Rosneft

Earlier wewrote that Rosneft is going to use the breakdown of the transaction with OPEC in order to start increasing production by 300 thousand barrels per day from April 1.

On March 31, Bellclub will hold an online conference: what will happen to the Russian economy in connection with pandemia and oil shock.

It will take part in it:

• Sergey Romanchuk (Metalinvestbank)
• Natalia Orlova (Alfa-Bank)
• Igor Danilenko (Fosun Eurasia Capital)
• Marseille Salikhov (Institute of Energy and Finance of the NRU HSE)

Join! You can register here .