Rosneft CEO: no single energy market anymore
There is no single energy market anymore – as stated by Rosneft CEO Igor Sechin at 15th Verona Eurasian Economic Forum
“The policy of the West has completely destroyed the economy, and the energy market is the best illustration of this. The sanctions pressure has reached its culmination and resulted in sabotage activities. There is no single energy market anymore, and there are no rules. High volatility has become limitless,” Mr. Sechin stressed.
Rosneft CEO added that the sanctions led to complete destruction of the foundation of market relations, “Cynicism has reached such an extent that the persons included in the sanctions list are now deprived of the right to be defended by lawyers.”
In his address to the forum participants, Mr. Sechin also focused on trends in the energy market development. “Oil and gas continue to be the main sources of energy in the world, ensuring more than 50 percent of global demand. Coal is responsible for another 36 percent, and its share is growing for reasons known to all. At the same time, huge investments in renewable energy – the size of which has exceeded an incredible $2.6 trillion over the past seven years – have not brought any results. The share of renewable sources increased by 3 percentage points during this period. Here lies the reason for underinvestment in traditional energy and the current state of the global energy market,” he said.
