BEIJING: Continued sanctions pressure on Russia and China will only hasten an economic crisis in the West and lead to a multiple increase i...
BEIJING: Continued sanctions pressure on Russia and China will only hasten an economic crisis in the West and lead to a multiple increase in electricity prices there, where consumers are already in a dramatic situation, Rosneft CEO Igor Sechin said at the Russia-China Energy Business Forum.
"The continuation of the West’s aggressive sanctions policy toward both Russia and China will undoubtedly bring the next economic crisis in Western countries closer. Not all Western politicians understand the risks they are facing. Local objectives are being set to strengthen sanctions in the energy sector, energy assets are being seized in international jurisdictions, and instead of the stated goals, energy consumers in Western countries are already in an increasingly dramatic situation," he noted.
Sechin also said that the global oil industry is still suffering from underinvestment, with spending on exploration declining the most.
"As of today, the global oil industry continues to face underinvestment. Exploration spending is decreasing particularly sharply. In part for this reason, the coefficient of organic reserve replacement among Western oil majors has amounted to only about 40% over the past five years," he said.
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