Russia's Rosneft CEO: Brent could reach $ 80/ barrel by year-end

Igor Sechin, Chief Executive Officer (CEO) of Rosneft, Russia’s oil giant, said in an interview with Interfax, Brent oil could reach $ 80 a barrel by this year’s end.

Sechin added that the company’s budget for the year is based on a much lower price, at $ 63 a barrel, so it’s hardly a surprise the CEO is happy with where prices are now.

At press time, Brent trades modestly flat near the $ 73 mark while WTI is also seen stabilizing below $ 68.