Rosneft CEO Igor Sechin stated Friday that if investment in the oil industry goes back up, oil prices may remain at USD 60- 80 per barrel.
Sechin explained that in case this doesn’t happen, then prices could return to USD 100-110 per barrel.
He added that the company’s capital expenditure program will be further cut by 30% this year, The Independent reported.
The Russian giant’s CEO also metioned EU sanctions on Russia and the effect they have on the industry as a whole.
“The sanctions have reverse effects: they damage international shareholders and international stakeholders, they damage partners that manufacture process equipment, they damage …read more
Source: Novinite
