Oil Prices Already Being Adjusted, But No Forecasts For Year-End - Rosneft CEO Sechin

The drop in oil prices is largely due to the uncertainty around Iran, now they are already being adjusted, but it would be ridiculous to make predictions for the end of the year, Russian energy company Rosneft CEO Igor Sechin said Wednesday.

SINGAPORE (UrduPoint News / Sputnik - 14th November, 2018) The drop in oil prices is largely due to the uncertainty around Iran, now they are already being adjusted, but it would be ridiculous to make predictions for the end of the year, Russian energy company Rosneft CEO Igor Sechin said Wednesday.

Oil prices on Tuesday collapsed from $70 to $65 per barrel amid fears of oversupply and weak demand.

"It [oil price] is already growing.

If you look, it is already being adjusted. I think that in many respects it was due to uncertainty associated with Iran, which influenced the drop in the price level. Now all this is being corrected," Sechin told reporters.

"It is stupid to talk [about year-end predictions] now. We don't know what actions will be taken by the US administration, what will happen to the main actors, which decisions will be made regarding Saudi Arabia," he said.