November 14, 2018 / 12:52 PM / a month ago

Rosneft CEO says oil prices adjusting to Iran output uncertainty

FILE PHOTO: Rosneft Chief Executive Igor Sechin speaks during a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin/File Photo

SINGAPORE (Reuters) - Global oil prices are already adjusting after being hit by uncertainty about Iran’s production, the head of Russia’s No.1 oil firm Rosneft said on Wednesday, when asked about the need to cut output.

Igor Sechin, speaking to reporters in Singapore, declined to give a forecast for oil prices.

Sechin said it would be “silly” to make predictions about oil prices as it was unclear what action the United States might take, and what other major oil market players, including Saudi Arabia, could possibly do in terms of adjusting production.

Reporting by Vladimir Soldatkin; Writing by Andrey Ostroukh; Editing by Susan Fenton

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