ST. PETERSBURG (Sputnik) – In the short-term, the oil market is expected to remain volatile, but crude prices will start to rise in two to three years, Igor Sechin, CEO of the Russian oil giant Rosneft, said Wednesday.
“We think that the volatility [of oil prices] will continue, but in a more long-term period, say two-three years, there will be a trend of increasing oil prices,” Sechin told journalists.
According to Sechin, Rosneft's budget is based on conservative estimates for oil prices.
Since last summer, global oil prices have dropped dramatically due to oversupply in the market. At its latest meeting on June 5, the Organization of the Petroleum Exporting Countries decided to keep its oil output levels unchanged, leading to a further slump in crude prices.
