"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.
READ MORE: US Iran Sanctions May Limit Iran's Oil Sales Up to 1Mln Barrels Daily — BP Chief
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.
