Rosneft Chief Executive Officer Igor Sechin warned of the possibility of an acute shortage of oil and gas in the world due to underinvestment in these industries. He stated this today at the St. Petersburg International Economic Forum.
“The increase in oil and gas reserves in recent years has been at historic lows, and a certain shortage of resources is already visible now. This trend may become the “new norm” for the world majors and lead to depletion of the resource base. The world runs the risk of facing an acute shortage of oil and gas “, – quotes TASS Sechin.
According to him, the coronavirus pandemic has led to the regionalization of markets and the strengthening of a multipolar world. At the same time, the top manager pointed out, China has become an example of a dynamic recovery from the crisis due to the emphasis on the recovery of the real sector of the economy.
The head of Rosneft also considersthat the formation of collective immunity against COVID-19 with global vaccination and the exit from the crisis will take at least 12-14 months. “It will take much more time for the formation of herd immunity and the way out of the crisis,” he predicted.
Recall that earlier at the forum, the president and co-owner of LUKOIL Vagit Alekperov said in an interview with TASS that the world oil market could recover from pandemic shocks by the spring of 2022, but in the future price fluctuations are possible in the range from zero to infinity.
“The agreement (OPEC + – ed.) Runs until the spring of 2022. We all hope that the market will recover by this time. Plus, the delayed demand will probably affect. After all, people have been traveling, flying and so on for almost two years, ”said the top manager.
At the same time, he admits that the regulation of oil production in OPEC + may be unlimited. “Well, it (the OPEC + deal – ed.) Has existed for five years, and most likely it will continue. But fluctuations in the market are possible from zero to infinity, ”Alekperov warned.
At the same time, he sees no signs of the decline of the oil era. “Why are we focusing on this industry? Because, as I think, mankind will not do without our product in the coming decades, ”the head of LUKOIL is convinced.
Source: Росбалт by www.rosbalt.ru.
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