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Ross Oil": The scarcity of supply will give us a golden opportunity to produce more
The head of the Russian oil company Igor Sechin predicted on Thursday that the world oil market will witness a shortage of crude supply over the next decade, unless supplies are increased.
"The global market will face a shortage of crude supplies in the next decade, and supply in 2025 is estimated to be around 750 million tonnes a year," Sechin said at the company's annual shareholders meeting.
"Ross Novet has a rare opportunity to increase its share of the global market with its good resource base, which will provide new revenue to our shareholders," said Sechin.
He added that "Ross Oil" plans to increase production of oil and gas by 2022 to 330 million tons of oil equivalent, and expected to generate new projects 87 million tons of oil equivalent.
The remarks by the head of the company, "Ross Oil" at a time when the participants in the agreement, "OPEC +" the issue of increasing production to meet the growing demand for black gold in the coming period, where Russia proposes to increase production by 1.5 million barrels of oil per day, and Saudi Arabia increase production by 800 thousand barrels per day.
OPEC member countries, led by Russia and Saudi Arabia over the next two days, are meeting to review production cuts amid opposition from OPEC member Iran.
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