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Rosneft CEO: Decision on oil prices are made by robots on currency markets

February 10, 17:10 UTC+3 LONDON
The current oil prices are the lowest since 1973, Sechin said. He added that he does not rule out further oil price fluctuations
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© Viktor Drachev/TASS

LONDON, February 10. /TASS/. Decision on oil prices are made by robots on currency markets, Rosneft CEO Igor Sechin told the International Petroleum Week forum on Wednesday.

"Today the financial technology implies that decisions are often made by robots on trading floors and by the software that manages them and impersonally responds to any instantaneous changes of the situation, which changes in the course of the trading, or information about the movement of oil reserves," - he said.

"We should admit that we underestimated the fact that financial participants of the market know no limitations in settlement of their own purely financial tasks and are ready to "test" any price levels - $27 in January and down to $10 per barrel, as it was recently announced by one respectable investor. This is nothing but an invitation to play an irresponsible game with an unlimited price decline?" - Sechin said.

Taking into account that specific capital expenditures that increased manifold the current oil prices are the lowest since 1973, Sechin said. He added that he does not rule out further oil price fluctuations.

On Tuesday, the price of WTI blend on the New-York Exchanged varied around $30 per barrel after plummeting to $26 per barrel on January 26, the lowest level in 12 years.

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