On Friday, Russia’s oil giant Rosneft warned of the global energy markets’ potential supercycle.
Rosneft CEO Igor Sechin stated, "We observe rapid growth in demand for traditional energy resources. As structural discrepancies between supply and demand on global energy markets are further revealed, we may witness a new supercycle on the oil and gas markets."
Regarding supply, the Organization of the Petroleum Exporting Countries and allies (OPEC+) have been easing its output cut pact but is still deemed lower than the global needs.
Rosneft itself in the previous quarter scored an increase in output by 9% to 3.98 million bpd.
In the third quarter of 2021, Rosneft’s flagship Urals oil blend climbed to an average of USD70.5/barrel, up from USD43/barrel a year ago during the peak of the coronavirus pandemic.
The company scored earnings before interest, taxes, depreciation, and amortization (EBITDA) of RUB638 billion (USD8.759 billion) in the July-September quarter while its revenue was at RUB2.3 trillion (USD31.57 billion). They showed expansions compared to the previous year’s RUB366 billion (USD5 billion) and RUB1.4 trillion (USD19.22 billion) in the same period of the previous year.
Rosneft will raise investments in new projects to meet increasing demand, said the CEO. It is ramping up its Vostok Oil project.
