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Rosneft boss expects oil prices between $40 - $43 per barrel in 2018

Crude prices are likely to dip in 2018, according to Rosneft CEO Igor Sechin.

Rosneft boss expects oil prices between $40 - $43 per barrel in 2018


Oil prices are likely to dip in 2018, said Rosneft CEO Igor Sechin on September 11, 2017.

«I think that we are going to have an average oil price of as much as $40 to $43 (per barrel) next year and we are preparing for that,» Sechin said.

The Russian Energy Ministry is more bullish about crude, predicting it will be trading between $45 and $55 per barrel.

Igor Sechin did not elaborate why he sees prices lower than Russian Energy Minister Alexander Novak.

According to Sechin, one of the most significant factors here, along with the production of the shale oil, is the large impact of the US financial instruments on prices.

«Devaluation of the dollar now amounted to about 20%, if you quote the appropriate coefficients, you will see that in the U.S. the price is about $ 40,» he said.

Last week Rosneft boss said that the main driver behind rising oil prices is a weaker dollar and not a global effort by producers to curb output,

«I believe that the OPEC deal has no impact (on the market), it is the dollar devaluation,» Sechin noted.


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