Markets

Russia's Sechin sees oil price recovery as global investments drop

Published April 12, 2016 Updated April 12, 2016 07:57am

1 min

By Parvez Jabri

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LAUSANNE: Oil prices cannot remain low for a long time as the drop in investments in the industry has already exceeded $250 billion and will start taking a toll on many high-cost projects around the world, the head of Kremlin oil major Rosneft said on Tuesday.

Igor Sechin told the FT Global Commodities Summit he believed the US shale oil project needed an oil price of at least $45-$50 per barrel to continue growing production.

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