Russia's most powerful oil official Igor Sechin said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year.
The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes in Siberian fields in the strongest evidence to date that Western sanctions are hurting what was the world's fastest growing oil firm in recent years.
Rosneft CEO Igor Sechin said the price offer for minority shareholders of TNK-BP Holding was fair.
Chief Executive Officer Igor Sechin of Rosneft bought more shares in the state-controlled firm, increasing his stake to USD 65 million.
Rosneft CEO Igor Sechin bought company shares amounting to USD 5.5 million.
Rosneft head Igor Sechin denies any takeover plans for PKN Orlen of Poland and Bashneft of Russia.