News of company

		21 September 2020

RussNeft told about the risk of losing the Russian oil industry

В «РуссНефти» рассказали о риске потери нефтяной отрасли России

The collapse of oil prices in early 2020 threatened the existence of the oil industry in Russia, RussNeft President Evgeny Tolochek said in an interview with RBC .

“You just don't understand how serious the situation was in the economy, in the Russian oil industry. Everything was very bad, just on the verge, ”the top manager says. “If the government didn’t support oil companies, perhaps there would be no oil industry in Russia today. We would create it anew, ”he added.

According to him, many oil companies, including "strong middle peasants", could go bankrupt. However, RussNeft itself, the largest shareholder of which is Mikhail Gutseriev's family, had no prerequisites for bankruptcy, “the situation was inflated,” he said.

Nevertheless, the government helped the oil workers, which included them in the list of strategic enterprises and thus provided protection against bankruptcy, the top manager said.

According to Tolochek, the crisis is over and Russian companies are quite happy with the prices of $ 40 per barrel. Vice President of LUKOIL Leonid Fedun spoke about this in an interview with RBC.

Further recovery of quotations will depend on the state of the economy, as well as political events, for example, the  confrontation between China and the United States, which leads to the freezing of the industry, notes the head of RussNeft. Demand is now recovering slowly, he said: “We have moved from a complete phase-out to a partial consumption. That is, the patient is rather alive than dead. And that's already good. "

In December 2020, prices may reach $ 50 per barrel, but the world will reach a stable plateau of $ 50-55 per barrel, most likely in the middle of next year, Tolochek predicts. “Today oil companies are drilling much less, so the supply of oil will decrease. In addition, at least ten different vaccines, including the Russian one, are now at the final testing stage, so by this time, I think, the coronavirus should finally subside. And the economy simply will not have other options but to go to a new round of growth, ”Tolochek explained his forecast. In 2022–2023, he did not rule out a rise in prices to $ 80 per barrel.


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