2016 may not be a turning for the oil market. If the fundamental factors will act in “Rosneft” expect recovery in oil prices in the second half of 2017, said Vice-President of “Rosneft” Mikhail Leontyev.
MOSCOW, 4 Jan. Oil prices may recover in the second half of 2017, if the market would experience a shortage of raw materials and start to work fundamental factors, said Monday the Vice President and press Secretary of “Rosneft” Mikhail Leontyev.
“2016 may be a turning point for the oil market, and may become. Our corporate Outlook: if the fundamental factors will be in effect, we expected recovery in oil prices in the second half of 2017. Fundamental factors will come into play when the market will arise an acute shortage of raw materials”, — said Leontiev the radio station “Russian news service”.
The representative of Rosneft, commented on the renewal of the Russian record of oil production by the end of 2015, calling it the desire of oil companies to compensate their losses due to falling prices.
“That means oil companies, and thus the budget and partially offset the decline in their incomes by increasing volumes. This means that we maintain our market share”, he said.