October 25, 2018 / 10:02 AM / 22 days ago

Rosneft's Sechin comfortable with oil price, says no one wants a spike

Rosneft Chief Executive Igor Sechin attends a meeting of Russian President Vladimir Putin with Italian Prime Minister Giuseppe Conte at the Kremlin in Moscow, Russia October 24, 2018. Sergei Chirikov/Pool via REUTERS

VERONA, Italy (Reuters) - Rosneft (ROSN.MM) CEO Igor Sechin said on Thursday that Russia’s largest oil producer was comfortable with the current oil price and no one in the world was interested in a spike, which would jeopardise global economic growth.

He also told a forum in the Italian town of Verona that there was a risk that OPEC may not have enough free oil production capacity to compensate for lower supplies from other producers hit by U.S. sanctions such as Iran or Venezuela.

Sechin also said the global oil sector needed a stable, significant inflow of investments in the long term to compensate for ageing oil-producing assets.

Reporting by Oksana Kobzeva; Writing by Katya Golubkova; Editing by Susan Fenton

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