Translation. Region: Russian Federal
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Chief Executive Officer of PJSC NK Rosneft Igor Sechin called OPEC’s decision to forcefully increase oil production justified and far-sighted.
During his keynote speech at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, Sechin noted that the announced increase in production since May of this year is three times higher than the alliance’s initial plan. In addition, the entire increase in OPEC production could be shifted a year ahead of schedule.
“The decision taken by OPEC leaders to forcefully increase production today looks very far-sighted and, from the market’s point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Iran-Israel conflict,” the head of the Company said.
At the same time, Sechin noted, “despite the declared growth in production, there can be no talk of any excess of oil on the market in the long term,” since “global oil reserves are currently at their lowest levels in the last five years.”
“Low oil prices suit US consumers, where the price of gasoline adjusted for inflation has already returned to 2019 levels. It is no coincidence that this is happening against the backdrop of the White House’s intensified Middle East policy and the conclusion of a number of agreements with key countries in the region,” said the head of Rosneft.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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