Sechin forecasted oil prices in the medium term

The cost of Brent oil may reach about $60-65 per barrel in the medium term in case of realization of some risks. This was stated by the head of Rosneft Igor Sechin at the XVII Verona Eurasian Economic Forum.

"We must proceed from the stability of work and take [risks] into account. It will be higher - good, but we should prepare for more balanced decisions," he said.

According to Sechin, several factors may influence the global oil market in 2025-2026. Among them are the growth of US production from the current 13.4 million b/s by another 400-600 thousand barrels due to the application of new oil and gas production technology and the Donald Trump administration's promise to reduce corporate taxes to 15%, as well as interest rates.

In addition, the market may be deprived of about 1 million bpd of supplies from Iran if sanctions pressure on Iran is intensified, the Rosneft head added. He emphasized that much will also depend on the volume of Chinese consumption, which is 15.6 million barrels per day and could grow significantly.

In turn, the executive director of Reliance Industries Panda Madhusudana Shiva Prasad at the forum predicted a price of $60-70, and ONGC CEO Arun Kumar Singh - $60-65.

Igor Sechin and other heads of major energy companies and market experts took part in a special session of the forum dedicated to ensuring global energy security. During the discussion, participants discussed sustainable development of the industry, the situation in the hydrocarbon sector, resource availability and more.

"Despite criticism of the hydrocarbon sector, energy remains critical and necessary for a multitude of industries, including fertilizers, plastics, pharmaceuticals and medical delivery systems," Panda Madhusudana Shiva Prasad emphasized during the discussion and noted that countries cannot abandon the current hydrocarbon-based system.

The Verona Eurasian Economic Forum is being held on December 5-6 in Ras Al Khaimah, UAE. This year's theme of the forum is "New Cooperation Architecture for Modern Economy".