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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.