Sechin predicts return of high oil prices

In the coming years. oil prices should come back to levels that provide a return on investment in its production. This was stated by head of Rosneft Igor Sechin at the industry conference in Singapore on Monday.

The president of Rosneft noted that the total amount of the decline of world companies’ investment in the oil production because of the falling oil prices made up about $140 billion, and by the end of 2016 it will increase to $200-250 billion.

He outlined the price of $70 per barrel as "critical" for the investment in the development of new deposits, noted that even if at the price of $110 per barrel the profitability in the industry remained relatively low.

"With a high probability we can expect that during the current investment cycle, we may see the return of the oil prices to the levels which provide an acceptable return for investors on investment," - said Sechin.

The head of Rosneft called the crisis in the European Union, increased by problem of debts of Greece and other peripheral countries, unstable economic growth in the USA and the slowing growth in the BRICS countries the main reasons for the decline in the oil consumption in the world.