Igor Sechin heads Russian oil major Rosneft, the world’s second-largest oil producing company by output after Saudi Aramco.
Speaking over the weekend, said the world was facing an acute oil shortage in the long-term
- Said this is due to underinvestment amid a drive for alternative energy, while oil demand continued to rise.
His outlook nearer-term:
- it was hard to predict when the global economy would recover from the COVID-19 pandemic
- due to “lots of uncertainties” & slow vaccination programmes in some regions
- expected some shortages to kick in from the second half of 2021