Russia (bbabo.net), - The head of Rosneft, Igor Sechin, commented on Western forecasts about the price and supply of Russian oil, which the EU and the US no longer receive. The head of the largest Russian oil company used a phrase from the book of Ecclesiastes, which is included in the Hebrew Bible and the Old Testament.
“On the whole, it was written in Ecclesiastes a long time ago: “The crooked cannot become straight, and what is not, cannot be counted,” Igor Sechin said at the India Energy Week conference in Bangalore. He explained that according to the forecasts of prices and supplies from Russia, there should not be undue excitement due to discounts.
“I think that experts know how to solve these issues. The market accepts any commercial transactions, and the totality of these transactions ultimately gives the estimated value that is used for calculations. Thus, if Russian oil does not enter the European market, then there is no reference price for Russian oil that does not enter. Reference prices will be formed where oil volumes actually go,” said the head of Rosneft.
On December 5, the EU imposed a ban on the import of Russian oil and, together with the G7 countries, introduced a price ceiling for raw materials for third countries. The reorientation of deliveries led to a decrease in the price of the Russian grade Urals from the ports of the Baltic and the Black Sea. Deputy Prime Minister Alexander Novak noted the high freight rates for tankers due to the high risks of sanctions.
According to the Ministry of Finance, in January the average price of Urals was $50 per barrel, while the budget included $70, and in November it was still being sold at $66.5 per barrel.
The ministry estimated that the planned indicators of oil and gas revenues in January will be lower by 52 billion rubles, and in February - by 108 billion rubles.