Sechin: Surplus of oil production in the world to be covered with increasing demand

The current slight excess in the oil production in the world will be covered with the growing demand, and therefore, a period of sustained growth in the prices to achieve the desired return on investment in new producing projects is approaching. Such an opinion was expressed by head of Rosneft Igor Sechin in an interview with the Italian edition of Il Sole 24 ore.

"The oil demand in the world continues to grow, while the production, primarily in the United States, decreases. The current slight excess in the world oil production will be covered with the growing demand, and thus a period of the sustained price increases to achieve the desired return on investment in new producing projects is approaching,"- said Sechin.

The top-manager of Rosneft considers that the main external challenge to the energy industry of Russia is a sharp tightening of the competition on foreign energy markets. "In the future, there will be a persistent competition for holding share on key traditional and increase of the share on the new energy markets," - he said.