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Igor Sechin: Oil market overcomes peak instability in 2017

June 21/ 12:06

Krasnoyarsk. The year 2017 proved to be crucial for the oil market, which managed to overcome peak instability, but further development requires that unilateral sanctions be abandoned, Igor Sechin, the CEO of Russia’s Rosneft oil company, said at an annual shareholders’ meeting.

"The year 2017 proved crucial in many aspects, as the global oil industry overcame the most acute period of instability and we even saw a new trend for price stabilization," he said. "At the same time, the industry’s further sustainable development requires that the policy of unilateral sanctions, investment restrictions and tariff decisions be abandoned," Sechin added.

According to the Rosneft CEO, the year 2018 "continues to bring troubling news about this unilateral policy taking the form of a potential full-scale trade war, which definitely runs counter to the goals and objectives of the industry’s sustainable development."
 

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