The rise in natural gas prices could increase the demand for oil by 1 million barrels per day, said the head of Rosneft Igor Sechin at the XIV Eurasian Economic Forum. The risks of a shortage of oil and gas supplies are already included in prices, and the expected additional demand for oil as a result of the gas crisis will heat up oil prices more, the top manager believes.
Gas prices in the current season reached $ 2,000 per 1,000 cubic meters, on October 28, November futures are traded at the level of $ 1,000 per 1,000 cubic meters. “In oil equivalent, the price of gas in Europe reached $ 200 per barrel, which is more than double the price of oil,” Mr. Sechin said. He believes that long-term contracts for the purchase of gas provide a certain stability of the gas market, but do not guarantee its full stability due to the spot market.
In his opinion, in order to minimize risks, world exchanges need to register long-term contracts for the supply of energy resources. “It seems that the world’s largest exchanges, such as New York, London, Shanghai, which are the registration centers for most of the transactions, could also register long-term contracts for the supply of energy, thereby helping to balance the markets,” he said.
In general, the era of relatively low energy prices, which lasted almost 100 years, is coming to an end, says Igor Sechin. The reason is the reduction in investment in traditional oil projects (the deficit by 2030 may reach $ 600 billion), which may cause a deficit and even greater price increases. “High energy prices will certainly slow economic growth, and the era of relatively low energy prices, which lasted almost 100 years and became the main stimulus for the development of the world economy, may come to an end,” he said.
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