Sechin named three main risks of the global economy

The head of Rosneft PJSC Igor Sechin at the XII Eurasian Economic Forum held on October 24-25, 2019 at the Palazzo della Gran Guardia in Verona (Italy), said that the world economy for the first time in history, I immediately (simultaneously) encountered three shock factors. According to Sechin, this could trigger a global recession.

It should be noted that the organizers of the forum are: the Italian non-profit association “Know Eurasia”, the Roscongress Foundation. The forum is attended political and public figures, business representatives and diplomats, experts and journalists from the countries of Greater Eurasia.

For the first time in history, the global economy was faced with the threat of three shock factors that could provoke a global recession: economic and technological US confrontation with China, trade, tariff and currency wars, US sanctions against major oil producers

- said Sechin.

Sechin noted that these factors are reflected in monetary policy, amid falling interest rates by central banks of the largest economies on the planet. Moreover, the decline occurred in those countries that the United States accused of currency manipulation. He recalled that over the past year, the world economy has been revised. They were reduced by 0,2-0,4 percentage points.

Further steps to weaken national currencies increase the likelihood of a global currency war with extremely unpredictable consequences

- warned Sechin.

Sechin believes that Washington remained the only regulator in the global oil market. He clarified that Moscow and Riyadh stopped playing this role.

If at previous forums in Verona we talked about the fact that there are three regulators on the world oil market - Russia, Saudi Arabia and the USA, today only one regulator remains on the market - the USA. And this must be taken for granted

- stated Sechin.

Sechin explained that all other market participants have to defend their interests in intense competition.

Recent events have shown that the so-called fragile suppliers can be classified not only the traditional five countries (Iran, Venezuela, Libya, Iraq, Nigeria - ed.), But also Saudi Arabia

- added Sechin.

Sechin recalled that Russia remains the largest and most reliable energy supplier to Europe and it has every opportunity to maintain this status.
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  1. Pishenkov Offline Pishenkov
    Pishenkov (Alexey) 24 October 2019 23: 09
    ... today there is only one regulator left on the market - the USA. And this must be taken for granted
    - stated Sechin.

    - I wonder how long this figure, after such a phrase, would remain in a similar high post, say, under Stalin?
    It is necessary with them - these Sechins, Grefs, Kudrins and the like, to be more sensitive ... so that after such a phrase, he decided that it would be better for him in this Verona to stay after this conference ... Then, you see, the Russian Federation would turned out to be among the regulators ... In the meantime, the Sechins control oil in Russia, and the money of Gref, the United States will definitely remain the regulator ...
    1. Sergey Latyshev Offline Sergey Latyshev
      Sergey Latyshev (Serge) 25 October 2019 09: 50
      We say Sechin, we mean Putin !!! "Nails would be made of these guys ...."
      What will they be?
      The whole "dullness" blah blah, and he openly admitted that the United States had outplayed the oil market ....
    2. Victor N Offline Victor N
      Victor N (Victor n) 25 October 2019 11: 56
      You can easily designate yourself as the main, albeit a regulator. Until someone says that the king is naked ... Why is Sechin doing this? In reality, the US, as the largest consumer, influences prices. And in this sense it is a regulator (not a "manager.") It is not without reason that information about US stocks is regularly received.
      You just don’t like Sechin and Gref - if only Petrov and Sidorov would be in their place ..... I’m only surprised: is it really Chubais forgiven ?!
      1. Pishenkov Offline Pishenkov
        Pishenkov (Alexey) 25 October 2019 13: 24
        I do not like Sechin and Gref, there is nothing for me to love them. And Sechin is NOT RIGHT, stating that the United States remains the ONLY regulator. In addition, the fact that a person in the place of the head of the state corporation at an international conference makes this statement actually on behalf of Russia, and this is at least a political mistake, if not provocation, then he simply and banally carries nonsense. The question is - to whom, for the sake of it, he carries this nonsense.
        And today anyone can become a "regulator" for a short time - gouge a Saudi plant with drones, and here's a jump in prices. Start unrest in Iraq, and here's the same to you ... Tomorrow China will say that it will develop Iranian deposits, without regard to sanctions, and where will the United States be with its "regulations" ??? .. THE USA IS ONE OF THE IMPORTANT REGULATORS, not less, but no more!
        The United States seeks to impose on the world the idea that it is they who regulate everything, and only they, and Sechin plays along with it ... The question is why ...