Sechin: period of sustained growth in oil prices close

The head of Russia's largest oil producer Rosneft, Igor Sechin, said in an interview with Il Sole 24 that he expects the fight for global energy market share to intensify, therefore, the period of sustained growth in oil prices is getting closer.

"The main challenge for Russia's energy sector is a sharp increase in competition on global energy markets. In future, a tenacious competition is expected for keeping a share of traditional markets and to increase the share of new energy markets," Sechin was quoted as saying.

Sechin said the global market may face an oil shortage in three to five years and producers might need a deal to share output increases and release strategic reserves.

"The market is reaching its balance quicker than analysts had predicted," he said.

"We believe that it would be prudent to consider different options, including inviting a strategic investor, in the current difficult conditions," he said