Using sanctions to gain competitive advantage in productive economic industries is becoming common practice. At the same time, such actions in the opinion of their irresponsible initiators do not need any arguments to be justified. The US has consistently pursued a policy of non-acceptance of treaties that would allow challenging their actions on the international platforms. In fact, judicial defence and fair market arbitration are excluded — Igor Sechin, Chairman of the Management Board, PJSC Rosneft.
The decision of the USA to leave the multilateral nuclear agreement with Iran on 8 May puts 5% of world production and about 10% of world proved oil reserves at the risk of sanctions. The total volume of hydrocarbons unilaterally limited for development is about one third of the world oil reserves. This is a unique negative record of sorts. Nothing like that ever happened in the history of the global market — Igor Sechin, Chairman of the Management Board, PJSC Rosneft.
If the preliminary framework agreement between the USA and People’s Republic of China is going to be implemented despite the recent comments by Mr. Trump, it can double energy supply from the USA to PRC in the coming 3-5 years, according to the estimates. These agreements result in direct losses for other countries, some of them being simultaneously sanctioned by the US administration — Igor Sechin, Chairman of the Management Board, PJSC Rosneft.
Policy of sanctions and ultimatums in relation to hydrocarbon markets cannot but lead to a permanent sanctions bonus to the price. I don't rule out that quite soon we'll be able to talk about the sanctioned commodity ‘super cycle’ and shortly we'll see new price records. The new level of price will be ultimately paid for by American and European consumers — Igor Sechin, Chairman of the Management Board, PJSC Rosneft.