LONDON (Sputnik) – Financial players in the oil market are ready to test all price levels, even as low as $10 per barrel, Igor Sechin, the head of Russian oil giant Rosneft, said Wednesday.
"We must admit that we have underestimated the fact that the financial market participants do not know any boundaries in pursuing their purely financial objectives and are ready to test all price levels — $27 in January, for example, and down to $10 per barrel," Sechin said at the conference IP Week 2016.
10 February 2016, 10:38 GMT
Global oil prices have hovered around $35 per barrel since late January, after rebounding from a January 20 low of just over $28 per barrel, its lowest level since 2003.
The continued downturn has been attributed to prolonged global oversupply and low demand, as well as the unwillingness of oil-producing countries to cut output out of fear of losing market share.
