Kremlin Oil Boss: US Elections Creating Energy Market Uncertainty
Igor Sechin (Photo: Rosneft)
The head of Kremlin oil major Rosneft Igor Sechin said on Thursday the development of the U.S. oil industry was at a crossroads due to the country's upcoming presidential election, thus creating risks for the global economy.
Sechin, a close ally of president Vladimir Putin, told a panel packed with top executives from oil majors such as BP and Total, that the U.S oil and gas industry - one of Russia's main rivals - was poised to change significantly depending on who won the U.S. election in November.
"Given the role that U.S. economy is playing globally, uncertainty over the development of the U.S. oil and gas industry is increasing the risks for the global economy," Sechin told the panel at the St Petersburg International Economic Forum.
He said the U.S. oil and gas industry would likely benefit from a win by republican candidate Donald Trump while democratic candidate Hillary Clinton would probably cut support for fossil fuels in favor of green energy.
(Reporting by Katya Golubkova and Dmitri Zhdannikov)
