Russia’s Rosneft CEO: Financial players may push oil price down to $10

LONDON, Feb 10 (PRIME) -- Financial players at the oil market may test an even U.S. $10 per barrel oil price, Igor Sechin, the CEO of Russian oil major Rosneft said Wednesday during an oil conference.

“Who was the main beneficiary of the current crisis? Obviously, consumers had no benefit, as the current prices for oil products fell only by less than 20% on average, while financial players benefited, and they have not yet transferred $250–300 billion of investments freed by the fall to projects in other sectors of the economy,” he said.

The players are ready to test any oil price levels. “We should admit that we have underestimated the fact that financial players know no limits and are ready to test any levels of prices in order to fulfill their own purely financial goals, including the level of $27 (per barrel) in January or even a level of $10,” he said.

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