"The policy of sanctions and ultimatums applied to hydrocarbon markets cannot but lead to a permanent 'sanctioning bonus' in price. I do not exclude the possibility that later we will talk about sanctions-related commodity 'super-cycles' and we will see new price records in the near future," Sechin said.
According to Sechin, Rosneft sees no threats from demand-related factors for the development of the world oil market, as the global economy still has large sectors — aviation, water freight road transport as well as petrochemicals — where oil consumption is growing. The latter is expected to significantly contribute to the increase in demand for petroleum products.
The St. Petersburg International Economic Forum (SPIEF), held annually in Russia's second largest city of St. Petersburg, is a major global platform for communication between business representatives and the discussion of crucial economic issues. The event began on Thursday and will continue through Saturday.
Sputnik, a multimedia international news and information agency, is the official media partner of the forum.