ST. PETERSBURG (Sputnik) — Oil prices have plunged over the past two years from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. The price drop has been attributed to slowed global economic growth, decreasing energy demand and major producers flooding the market with oil.
"The drop in oil prices and volatility have already led to the loss of about $350 billion in investments, which will undoubtedly affect [production] in mid-term perspective," Sechin said at the St. Petersburg International Economic Forum.
"Previously, the industry was focused on implementation of tasks of the long-term investment cycle, but now the balance is definitely undermined," Sechin stressed.
