Russia could raise oil output

The oil trend is still fluctuating. According to Claudio Descalzi, Eni CEO, although the cost per barrel suffers decided fluctuations, the price remains in continuous ascent: "It grow up by 33-34 dollars per barrel and reached 50 and this is combined with the fact that the offer, then the production, was down compared with the demand. "

Over the issue, the Russian oil company Rosneft has entered in a decisive manner, being able to offer European partners $ 100 billion of joint projects. The CEO of Rosneft, Igor Sechin, believes that only the Russian group is "able to offer European partners projects worth over 100 billion dollars for the development of relations along the Russia-Europe axis and to build energy bridges between Russia, Asia and the Pacific region,", as he stated on the diselines of the Verona Eurasian Forum.

And he forecasted “In the future, Russia can significantly increase oil production,” The country has capacity to add as much as 200 million metric tons a year, or 4 MMbpd, if there’s demand and technological and economic conditions allow, he said.

The head of Rosneft also predicted the oil market will rebalance. "In the next year and a half we should see the end of surplus (on global oil markets) and the start of the process of the situation normalizing, Sechin said. The CEO added he sees oil prices at above $55 per barrel by that time.