Russia will not be a background actor in competition on the global oil market, head of Russian state-owned oil company Rosneft Igor Sechin said in an interview with Corriere Della Sera newspaper.

“What is the meaning of the current price war? I think, first of all, it’s a competition for shares on the market and Russia is not going in this case to be a background actor,” he said.

The head of Rosneft said he is also convinced that the market for a period of low oil prices will not last long, despite the fact that “producers, sellers and buyers have been discussing for two years how to find life-saving mechanisms and return to a regulated, stable market.”

According to him, “the recovery in oil prices is inevitable because reduction of capital investments leads to supply deficit and it is impossible to compensate this deficit quickly.”