Translation. Region: Russian Federal
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
The European Union is seeking to increase the efficiency of oil purchases from Russia when it tries to push through a reduction in the price ceiling for Russian oil, said Rosneft CEO Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
During his keynote speech, the head of the Company noted that the European Union continues to try to push through a reduction in the price ceiling for Russian oil to $45 per barrel.
“I believe that the real goal is the desire of the European Union to increase the efficiency of its purchases from Russia, and not to reduce the income of the Russian budget, as was publicly declared. The figures confirm this: according to Western experts, since the beginning of 2023, Europe has purchased Russian oil for more than 20 billion euros, thus becoming the fourth largest buyer,” Sechin said.
However, he believes it is clear that the US will not agree to lowering the price ceiling because it will negatively affect the profitability of US oil exports.
The head of Rosneft specifically noted the situation in Saudi Arabia, saying that imports of Russian dark oil products after the start of sanctions restrictions allow the kingdom to effectively meet the needs of its energy industry for raw materials without affecting oil exports. The volume of fuel oil and vacuum gas oil supplied to this country from Russia over the past 12 months is more than 6 times higher than the volume of supplies four years ago.
According to Sechin, Indian refiners are using a similar approach today. India, the second largest buyer of Russian oil, has almost doubled its export of oil products to Europe over the past three years.
“To balance the budgets of many producing countries, the price of oil is required to be significantly higher than current levels. Thus, according to IMF calculations, in 2025 for the budget of Saudi Arabia this price is at a level of more than $90 per barrel,” Sechin concluded.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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