A centrifuge manufacturing workshop has been hit in Esfahan, the third such facility that has been targeted in Israel’s attacks on Iran’s nuclear-related sites over the past week, Director General Rafael Mariano Grossi said today, citing information available to the International Atomic Energy Agency (IAEA).
The workshop – which made the machines used to enrich uranium – was previously under IAEA monitoring and verification as part of the Joint Comprehensive Plan of Action (JCPOA), including with installed Agency cameras.
“We know this facility well. There was no nuclear material at this site and therefore the attack on it will have no radiological consequences,” Director General Grossi said.
It came a few days after the IAEA on 18 June reported that the Tehran Research Center, where advanced centrifuge rotors were manufactured and tested, had been hit, as had a workshop in the city of Karaj where different centrifuge components were manufactured. There was no radiological impact, internally or externally.
The IAEA has closely been monitoring the situation at Iran’s nuclear sites since Israel began its attacks early on 13 June, providing regular updates on military strikes on facilities in Arak, Esfahan, Karaj, Natanz and Tehran.
Director General Grossi told the United Nations Security Council on Friday that “attacks on nuclear sites in the Islamic Republic of Iran have caused a sharp degradation in nuclear safety and security” in the country, adding: “Though they have not so far led to a radiological release affecting the public, there is a danger this could occur.”
Headline: Global Energy Balance: Heads of Major Energy Companies, Experts Discuss Future of Energy Sector at SPIEF
At the Energy Panel of the XXVIII St. Petersburg International Economic Forum, leading industry experts, politicians, scientists, government officials and heads of major international energy companies discussed current trends in the global energy market.
Their assessments and forecasts largely coincided with the visionary concept of industry development presented by Igor Sechin, Head of Rosneft. In his report “Odyssey of the Global Economy in Search of the Golden Fleece. The New Landscape a of the Global Energy Industry”, he announced that the current state of the global energy industry is at the stage of formation of a new image due to the multiple growth of electricity consumption, the generation of which will be provided by both fossil fuels and renewable energy sources. According to him, the optimal solution today is “synthesis of conventional and alternative energy sources”.
The event, organized with the support of Rosneft, was addressed by Mohammed Bin Saleh Al-Sada, Chairman of the Rosneft Board of Directors, Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, Simon Aloysius Mantiri, Chief Executive Officer of Pertamina, Zhang Daowei, Vice President of CNPC, Shiva Prasad Panda Madhusudana, Executive Director of Reliance Industries, Alexander Dynkin, Academician of the Russian Academy of Sciences, Zhurabek Mirzamakhmudov, Minister of Energy of the Republic of Uzbekistan, Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, and David Gadzhimirzaev, President of TOFS.
ENERGY TRANSITION WITHOUT TRANSITION
Mohammed Bin Saleh Al-Sada opened the discussion of Igor Sechin’s report, noting the depth of his analysis. “It was comprehensive – the way you showed that progress and energy are inseparable,” Al-Sada addressed Sechin.
The head of Rosneft’s Board of Directors drew the audience’s attention to the fact that despite the active promotion of the idea of transition to RES, the share of fossil energy sources in the energy mix has not changed in recent decades. He recalled that Igor Sechin mentioned in the report that fossil fuels account for 80% of the global energy mix. “And this statistic has not changed for the last 20 years! We are fluttering around these 80% fossil fuels and energy sources, and so not much has changed!” exclaimed Al-Sada, describing the situation in the global energy sector.
“In other words, we are essentially not making any transition away from hydrocarbons,” he concluded, emphasizing that the transition to renewables is being imposed on the industry and the public.
“I would also like to take as a baton from Mr. Sechin, and pass my comment to you. It’s like food for thought: are we actually transitioning from fossil fuels to renewable fuels?“,” Al-Sada addressed the audience.
The Rosneft Chairman also noted that energy demand does not always coincide with production growth for various reasons.
“I would like to express two small thoughts in order to further enhance the valuable things we heard in Mr. Sechin’s words. <...> Lack of investment is already a reality in the hydrocarbon and energy sectors. This is something that could really bring us to a serious energy shortage. “If this trend continues we could face an energy shortage. This is not only my personal opinion, but also what a large number of analysts, including the International Energy Agency, and other respected experts, who in their reviews have emphasized the importance of having sufficient investment in the hydrocarbon sector. Otherwise, we will face the risk of a primary energy shortage!”, emphasized Al-Sada.
FUTURE FOR SYNERGY
Zhang Daowei, Vice President of China’s CNPC, remarked on the interest in the report by Rosneft’s CEO. In his speech, the top manager of the Chinese company expressed similar assessments of the ways of development of the global energy sector – in particular, the need for synergy between traditional and new energy sources.
“We have always believed that in the context of the energy transition course, it is necessary to adhere to synergetic, integrated development of traditional and new energy sources, to take full account of the characteristics and degree of development of our countries’ markets, to properly link energy transition with energy security, and to promote a fair and sustainable model of energy transformation,” Daowei said.
According to the vice president, under this philosophy, CNPC, on the one hand, continues to increase the exploration and development of oil and gas fields domestically and import high-quality resources from abroad, including strengthening long-term cooperation with Russia in the field of hydrocarbon trade. On the other hand, CNPC is actively pursuing a green, low-carbon development strategy and realizing the development of a “three-step strategy” combining oil and gas projects with wind, solar, geothermal, hydrogen and carbon capture technologies.
Simon Aloysius Mantiri, President and CEO of Pertamina Indonesia, said that the company is pursuing a dual growth strategy that is based on both conventional resources and low-carbon solutions. Meanwhile, natural gas plays an important role in the country’s energy mix.
“Natural gas is at the center of our strategy to transition to cleaner fuels. And today we are expanding our LNG capacity and capability for both domestic and export needs,” he said.
The Pertamina chief virtually reiterated the point made in Igor Sechin’s report and emphasized that by achieving a balance of energy sources and a comprehensive approach, the company is able to ensure high economic growth and carbon neutrality in parallel.
Reliance Industries CEO P.M.S. Prasad said India does not choose between energy access and innovation. “It is integrating both. By developing scalable, context-specific solutions, it is addressing local priorities while making a significant contribution to global sustainability. From rural microgrids to energy efficient data centers, India is turning its potential into a strategic asset,” Prasad said.
He emphasized that international partnerships play a vital role in this ambitious effort. “Energy remains a key cornerstone of the strategic relationship between India and Russia. India values this trusted partnership and appreciates the cooperation forged over decades. The leadership of both countries is committed to take this partnership to an even higher bar in the future,” summarized Reliance Industries’ CEO.
NUCLEAR POWER PLANTS ARE NOT BEING WRITTEN OFF
Rosneft CEO Igor Sechin, in his keynote speech at the Energy Panel, noted the growing interest in nuclear power generation worldwide and, accordingly, the growth of investments in this area. According to him, this is happening against the backdrop of growing energy consumption and in future nuclear power will be in demand along with fossil sources and renewable energy sources.
Reliance Industries CEO Panda Madhusudana Shiva Prasad, in turn, speaking on India’s energy outlook, emphasized the significant role of nuclear power generation.
“Gas, renewables supported by energy storage systems and a robust transmission grid, and nuclear power will play a key role. India’s bold nuclear program, including small modular reactors, reflects its commitment to long-term energy security and decarbonization,” Prasad said.
The renewed interest in investments in NPP construction was noted in the speech of Uzbek Minister of Energy Zhurabek Mirzamakhmudov. He spoke about joint plans with Russia to build two units of 55 megawatts each, and two units of VWR type reactors – water-water power reactor. The head of the ministry also said that gas-fired power plants are being installed in the country, hydropower is being developed, the share of renewable sources is increasing, and storage systems are being created at the same time.
The Minister noted the substantial nature of Igor Sechin’s report, which contains a detailed analysis and reflects all trends in the development of global energy, science and economy.
ENERGY SECURITY IN FIRST PLACE
Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, in her speech supported the thesis expressed by the head of Rosneft that energy security issues should come first.
“We always advocate that the energy transition be carried out responsibly, taking into account reality, to avoid abrupt changes that could jeopardize energy security,” Rodriguez said.
Venezuela’s Executive Vice President named the main components of a stable energy system of the future: energy security, reliable supply, accessibility for all, while respecting nature – with minimal environmental impact.
Among the main threats to energy security, Rodriguez named illegal sanctions against producing countries and the hegemony of the dollar.
Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, said the answer to energy security is always to diversify supply sources, improve energy efficiency and seek alternative energy sources, including renewable energy, nuclear energy and regulate the market with predictable policies.
AGAINST LOGIC
The panelists drew attention to the political events of recent decades and stated that geopolitics is now shaping the direction of economic cooperation. And often against the logic of market expediency and economic efficiency.
Tanaka recalled how he discussed Germany’s energy policy with Chancellor Merkel in 2009: “I asked her why Germany does not use nuclear power. She answered like this: Mr. Tanaka, I am a scientist, I know how important it is to use nuclear power, but in order to use it in Germany, she said, give me votes in exchange. Yes, she’s a good scientist, but she’s also a very smart politician.”
The professor is sure that despite her experience Merkel made a very serious mistake by changing the policy on the use of nuclear power plants under the pressure of public opinion. Another mistake was the refusal to use Russian energy carriers and Russian natural gas. “I think she was misled,” Tanaka said.
“Geopolitics is a factor of the 21st century global economy. It is geopolitical interests that brought the BRICS countries together. The criterion for membership is not to use sanctions against other members of the organization. But geopolitics has also become a kind of “trap” for Germany after Trump’s victory,” said Alexander Dynkin, a member of the Russian Academy of Sciences.
He noted that the European bureaucrats are concerned about the complete refusal of energy supplies from Russia by 2027. “They are not stopped by the growth of costs, undermining the competitiveness of the EU,” – said Dynkin and recalled that if in 2014, the U.S. GDP was ahead of the EU GDP. US GDP was only 12% ahead of EU GDP, last year the US economy was already 50% larger than the European one.
“Although the German energy crisis is formally over, the country paid for it with three years of stagnation, deindustrialization, inflation, and migration crisis,” said the RAS academy member.
DIGITAL REVOLUTION
The thesis in Igor Sechin’s report that the digital revolution opens a new era in the development of the oil and gas industry was warmly echoed by the audience. In particular, David Gadzhimirzaev, General Director of TOFS Oilfield Services Group, thanked Rosneft for supporting innovation and technology development. He emphasized the importance of ensuring the availability, stability and reliability of resources, which is exactly what new technologies can provide, which will reduce the cost of bringing barrels to the surface.
“We all know that just this year the Energy Strategy-2050 was approved, which includes the fact that by 2050 about 70% of the Russian Federation’s production will be from hard-to-recover reserves. Therefore, we are not only working on expertise, but also working on the production of new technologies,” Gadzhimirzaev said.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: Global Energy Balance: Heads of Major Energy Companies, Experts Discuss Future of Energy Sector at SPIEF
At the Energy Panel of the XXVIII St. Petersburg International Economic Forum, leading industry experts, politicians, scientists, government officials and heads of major international energy companies discussed current trends in the global energy market.
Their assessments and forecasts largely coincided with the visionary concept of industry development presented by Igor Sechin, Head of Rosneft. In his report “Odyssey of the Global Economy in Search of the Golden Fleece. The New Landscape a of the Global Energy Industry”, he announced that the current state of the global energy industry is at the stage of formation of a new image due to the multiple growth of electricity consumption, the generation of which will be provided by both fossil fuels and renewable energy sources. According to him, the optimal solution today is “synthesis of conventional and alternative energy sources”.
The event, organized with the support of Rosneft, was addressed by Mohammed Bin Saleh Al-Sada, Chairman of the Rosneft Board of Directors, Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, Simon Aloysius Mantiri, Chief Executive Officer of Pertamina, Zhang Daowei, Vice President of CNPC, Shiva Prasad Panda Madhusudana, Executive Director of Reliance Industries, Alexander Dynkin, Academician of the Russian Academy of Sciences, Zhurabek Mirzamakhmudov, Minister of Energy of the Republic of Uzbekistan, Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, and David Gadzhimirzaev, President of TOFS.
ENERGY TRANSITION WITHOUT TRANSITION
Mohammed Bin Saleh Al-Sada opened the discussion of Igor Sechin’s report, noting the depth of his analysis. “It was comprehensive – the way you showed that progress and energy are inseparable,” Al-Sada addressed Sechin.
The head of Rosneft’s Board of Directors drew the audience’s attention to the fact that despite the active promotion of the idea of transition to RES, the share of fossil energy sources in the energy mix has not changed in recent decades. He recalled that Igor Sechin mentioned in the report that fossil fuels account for 80% of the global energy mix. “And this statistic has not changed for the last 20 years! We are fluttering around these 80% fossil fuels and energy sources, and so not much has changed!” exclaimed Al-Sada, describing the situation in the global energy sector.
“In other words, we are essentially not making any transition away from hydrocarbons,” he concluded, emphasizing that the transition to renewables is being imposed on the industry and the public.
“I would also like to take as a baton from Mr. Sechin, and pass my comment to you. It’s like food for thought: are we actually transitioning from fossil fuels to renewable fuels?“,” Al-Sada addressed the audience.
The Rosneft Chairman also noted that energy demand does not always coincide with production growth for various reasons.
“I would like to express two small thoughts in order to further enhance the valuable things we heard in Mr. Sechin’s words. <...> Lack of investment is already a reality in the hydrocarbon and energy sectors. This is something that could really bring us to a serious energy shortage. “If this trend continues we could face an energy shortage. This is not only my personal opinion, but also what a large number of analysts, including the International Energy Agency, and other respected experts, who in their reviews have emphasized the importance of having sufficient investment in the hydrocarbon sector. Otherwise, we will face the risk of a primary energy shortage!”, emphasized Al-Sada.
FUTURE FOR SYNERGY
Zhang Daowei, Vice President of China’s CNPC, remarked on the interest in the report by Rosneft’s CEO. In his speech, the top manager of the Chinese company expressed similar assessments of the ways of development of the global energy sector – in particular, the need for synergy between traditional and new energy sources.
“We have always believed that in the context of the energy transition course, it is necessary to adhere to synergetic, integrated development of traditional and new energy sources, to take full account of the characteristics and degree of development of our countries’ markets, to properly link energy transition with energy security, and to promote a fair and sustainable model of energy transformation,” Daowei said.
According to the vice president, under this philosophy, CNPC, on the one hand, continues to increase the exploration and development of oil and gas fields domestically and import high-quality resources from abroad, including strengthening long-term cooperation with Russia in the field of hydrocarbon trade. On the other hand, CNPC is actively pursuing a green, low-carbon development strategy and realizing the development of a “three-step strategy” combining oil and gas projects with wind, solar, geothermal, hydrogen and carbon capture technologies.
Simon Aloysius Mantiri, President and CEO of Pertamina Indonesia, said that the company is pursuing a dual growth strategy that is based on both conventional resources and low-carbon solutions. Meanwhile, natural gas plays an important role in the country’s energy mix.
“Natural gas is at the center of our strategy to transition to cleaner fuels. And today we are expanding our LNG capacity and capability for both domestic and export needs,” he said.
The Pertamina chief virtually reiterated the point made in Igor Sechin’s report and emphasized that by achieving a balance of energy sources and a comprehensive approach, the company is able to ensure high economic growth and carbon neutrality in parallel.
Reliance Industries CEO P.M.S. Prasad said India does not choose between energy access and innovation. “It is integrating both. By developing scalable, context-specific solutions, it is addressing local priorities while making a significant contribution to global sustainability. From rural microgrids to energy efficient data centers, India is turning its potential into a strategic asset,” Prasad said.
He emphasized that international partnerships play a vital role in this ambitious effort. “Energy remains a key cornerstone of the strategic relationship between India and Russia. India values this trusted partnership and appreciates the cooperation forged over decades. The leadership of both countries is committed to take this partnership to an even higher bar in the future,” summarized Reliance Industries’ CEO.
NUCLEAR POWER PLANTS ARE NOT BEING WRITTEN OFF
Rosneft CEO Igor Sechin, in his keynote speech at the Energy Panel, noted the growing interest in nuclear power generation worldwide and, accordingly, the growth of investments in this area. According to him, this is happening against the backdrop of growing energy consumption and in future nuclear power will be in demand along with fossil sources and renewable energy sources.
Reliance Industries CEO Panda Madhusudana Shiva Prasad, in turn, speaking on India’s energy outlook, emphasized the significant role of nuclear power generation.
“Gas, renewables supported by energy storage systems and a robust transmission grid, and nuclear power will play a key role. India’s bold nuclear program, including small modular reactors, reflects its commitment to long-term energy security and decarbonization,” Prasad said.
The renewed interest in investments in NPP construction was noted in the speech of Uzbek Minister of Energy Zhurabek Mirzamakhmudov. He spoke about joint plans with Russia to build two units of 55 megawatts each, and two units of VWR type reactors – water-water power reactor. The head of the ministry also said that gas-fired power plants are being installed in the country, hydropower is being developed, the share of renewable sources is increasing, and storage systems are being created at the same time.
The Minister noted the substantial nature of Igor Sechin’s report, which contains a detailed analysis and reflects all trends in the development of global energy, science and economy.
ENERGY SECURITY IN FIRST PLACE
Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, in her speech supported the thesis expressed by the head of Rosneft that energy security issues should come first.
“We always advocate that the energy transition be carried out responsibly, taking into account reality, to avoid abrupt changes that could jeopardize energy security,” Rodriguez said.
Venezuela’s Executive Vice President named the main components of a stable energy system of the future: energy security, reliable supply, accessibility for all, while respecting nature – with minimal environmental impact.
Among the main threats to energy security, Rodriguez named illegal sanctions against producing countries and the hegemony of the dollar.
Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, said the answer to energy security is always to diversify supply sources, improve energy efficiency and seek alternative energy sources, including renewable energy, nuclear energy and regulate the market with predictable policies.
AGAINST LOGIC
The panelists drew attention to the political events of recent decades and stated that geopolitics is now shaping the direction of economic cooperation. And often against the logic of market expediency and economic efficiency.
Tanaka recalled how he discussed Germany’s energy policy with Chancellor Merkel in 2009: “I asked her why Germany does not use nuclear power. She answered like this: Mr. Tanaka, I am a scientist, I know how important it is to use nuclear power, but in order to use it in Germany, she said, give me votes in exchange. Yes, she’s a good scientist, but she’s also a very smart politician.”
The professor is sure that despite her experience Merkel made a very serious mistake by changing the policy on the use of nuclear power plants under the pressure of public opinion. Another mistake was the refusal to use Russian energy carriers and Russian natural gas. “I think she was misled,” Tanaka said.
“Geopolitics is a factor of the 21st century global economy. It is geopolitical interests that brought the BRICS countries together. The criterion for membership is not to use sanctions against other members of the organization. But geopolitics has also become a kind of “trap” for Germany after Trump’s victory,” said Alexander Dynkin, a member of the Russian Academy of Sciences.
He noted that the European bureaucrats are concerned about the complete refusal of energy supplies from Russia by 2027. “They are not stopped by the growth of costs, undermining the competitiveness of the EU,” – said Dynkin and recalled that if in 2014, the U.S. GDP was ahead of the EU GDP. US GDP was only 12% ahead of EU GDP, last year the US economy was already 50% larger than the European one.
“Although the German energy crisis is formally over, the country paid for it with three years of stagnation, deindustrialization, inflation, and migration crisis,” said the RAS academy member.
DIGITAL REVOLUTION
The thesis in Igor Sechin’s report that the digital revolution opens a new era in the development of the oil and gas industry was warmly echoed by the audience. In particular, David Gadzhimirzaev, General Director of TOFS Oilfield Services Group, thanked Rosneft for supporting innovation and technology development. He emphasized the importance of ensuring the availability, stability and reliability of resources, which is exactly what new technologies can provide, which will reduce the cost of bringing barrels to the surface.
“We all know that just this year the Energy Strategy-2050 was approved, which includes the fact that by 2050 about 70% of the Russian Federation’s production will be from hard-to-recover reserves. Therefore, we are not only working on expertise, but also working on the production of new technologies,” Gadzhimirzaev said.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: Rosneft plans work based on oil price of $45 in 2025 and $42-43 in 2026 – Sechin
The energy panel organized by Rosneft at SPIEF ended with the traditional oil price forecast from its participants. This year, the Company’s CEO Igor Sechin and Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, presented their vision of future developments.
Prof. Tanaka recalled that a year earlier the Energy Panel participants predicted an oil price of $60 per barrel. “This year I am afraid that the price may exceed 100 dollars due to the crisis that is currently taking place in the Middle East,” – said the Japanese expert, who headed the International Energy Agency in 2007-2011.
In turn, the CEO of Rosneft responded to this by saying: “Whatever it (oil price – ed.) is, it is difficult for us to guess what will happen. Nobody knows. As Machiavelli once said, “The power of authority lies in its secrecy”.
At the same time, Igor Sechin named the price that the Company has set in its business plan for 2025 and 2026: “We do not know what geopolitical factors will affect the market. But whatever they are, our company Rosneft puts 45 dollars in its business plan for this year and 42-43 dollars for the next year. We do not want to depend on this volatility,” he said.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: Rosneft plans work based on oil price of $45 in 2025 and $42-43 in 2026 – Sechin
The energy panel organized by Rosneft at SPIEF ended with the traditional oil price forecast from its participants. This year, the Company’s CEO Igor Sechin and Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, presented their vision of future developments.
Prof. Tanaka recalled that a year earlier the Energy Panel participants predicted an oil price of $60 per barrel. “This year I am afraid that the price may exceed 100 dollars due to the crisis that is currently taking place in the Middle East,” – said the Japanese expert, who headed the International Energy Agency in 2007-2011.
In turn, the CEO of Rosneft responded to this by saying: “Whatever it (oil price – ed.) is, it is difficult for us to guess what will happen. Nobody knows. As Machiavelli once said, “The power of authority lies in its secrecy”.
At the same time, Igor Sechin named the price that the Company has set in its business plan for 2025 and 2026: “We do not know what geopolitical factors will affect the market. But whatever they are, our company Rosneft puts 45 dollars in its business plan for this year and 42-43 dollars for the next year. We do not want to depend on this volatility,” he said.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: US Oil Production at Current Prices Peaks – Sechin
US oil production at current prices has probably reached its peak, Rosneft CEO Igor Sechin said at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
Delivering a keynote speech, the CEO called the energy policy initially announced by the new US administration promising. However, most of these goals have not yet been achieved: tariff wars have led to a drop in oil prices, while taxes for the oil industry remain at the same level and interest rates have not been reduced. Given this backdrop, the number of active drilling rigs has fallen 9% to 439 over the past two months and oil production growth has stalled. In less than a year, the U.S. Department of Energy has lowered its forecast for U.S. oil production by the end of 2025 by 400 thousand barrels per day.
“At current prices, the USA oil production appears to have peaked,” Sechin said, noting that Diamondback Energy and ConocoPhillips recently voiced this opinion. And Liberty Energy, an oilfield services company founded by U.S. Energy Secretary Chris Wright, expects a significant slowdown in drilling activity in the second half of this year, which should lead to a reduction in the U.S. drilling fleet by about 10% more. “Not surprisingly, against this backdrop, many shale players have already started cutting investments,” said Rosneft’s CEO.
He noted that the sharp drop in oil prices this year has already led to a revision of investment plans. According to the IEA’s latest estimate, this year, for the first time in five years, global investments in oil exploration and production will drop by 6%, while in the U.S. the drop will amount to about 10%. “I think this is just the beginning,” the CEO of Rosneft remarked.
“The new head of the US Treasury Department, Scott Bessent, has repeatedly stated that the success of Trump’s second presidential term requires oil production growth in the US in the amount of three million barrels per day. This is part of a so-called “3-3-3 Plan” which also envisages cutting the US budget deficit down to 3% of GDP and reaching 3% of GDP increase,” Igor Sechin reminded.
The CEO of the Company also asks the question, what difference does it make for the US market where these barrels will come from? “Quite possibly, those may be barrels produced in OPEC+ countries. Since late last year the alliance has consistently reiterated the need to ramp up production due to changes in consumption,” Sechin said.
The CEO also noted that in addition to the interest of states, the interests of shareholders should be taken into account. Low oil prices in the current period do not allow many companies to maintain the same level of dividend payments and share buybacks, said the CEO of Rosneft. According to Rystad Energy experts, which Sechin cited, if the oil majors maintain their payments to shareholders, they will have to almost completely abandon investments or significantly increase their debt as early as this year.
“The fall in prices has already started to affect the major players. BP and Chevron will reduce share buybacks by almost 60% and 30%, respectively , while Aramco has to build up debt to be able to pay dividends,” the CEO said.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: US Oil Production at Current Prices Peaks – Sechin
US oil production at current prices has probably reached its peak, Rosneft CEO Igor Sechin said at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
Delivering a keynote speech, the CEO called the energy policy initially announced by the new US administration promising. However, most of these goals have not yet been achieved: tariff wars have led to a drop in oil prices, while taxes for the oil industry remain at the same level and interest rates have not been reduced. Given this backdrop, the number of active drilling rigs has fallen 9% to 439 over the past two months and oil production growth has stalled. In less than a year, the U.S. Department of Energy has lowered its forecast for U.S. oil production by the end of 2025 by 400 thousand barrels per day.
“At current prices, the USA oil production appears to have peaked,” Sechin said, noting that Diamondback Energy and ConocoPhillips recently voiced this opinion. And Liberty Energy, an oilfield services company founded by U.S. Energy Secretary Chris Wright, expects a significant slowdown in drilling activity in the second half of this year, which should lead to a reduction in the U.S. drilling fleet by about 10% more. “Not surprisingly, against this backdrop, many shale players have already started cutting investments,” said Rosneft’s CEO.
He noted that the sharp drop in oil prices this year has already led to a revision of investment plans. According to the IEA’s latest estimate, this year, for the first time in five years, global investments in oil exploration and production will drop by 6%, while in the U.S. the drop will amount to about 10%. “I think this is just the beginning,” the CEO of Rosneft remarked.
“The new head of the US Treasury Department, Scott Bessent, has repeatedly stated that the success of Trump’s second presidential term requires oil production growth in the US in the amount of three million barrels per day. This is part of a so-called “3-3-3 Plan” which also envisages cutting the US budget deficit down to 3% of GDP and reaching 3% of GDP increase,” Igor Sechin reminded.
The CEO of the Company also asks the question, what difference does it make for the US market where these barrels will come from? “Quite possibly, those may be barrels produced in OPEC+ countries. Since late last year the alliance has consistently reiterated the need to ramp up production due to changes in consumption,” Sechin said.
The CEO also noted that in addition to the interest of states, the interests of shareholders should be taken into account. Low oil prices in the current period do not allow many companies to maintain the same level of dividend payments and share buybacks, said the CEO of Rosneft. According to Rystad Energy experts, which Sechin cited, if the oil majors maintain their payments to shareholders, they will have to almost completely abandon investments or significantly increase their debt as early as this year.
“The fall in prices has already started to affect the major players. BP and Chevron will reduce share buybacks by almost 60% and 30%, respectively , while Aramco has to build up debt to be able to pay dividends,” the CEO said.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: OPEC+ Decision on Production Growth Justified, Oil Reserves at Minimum Level – Rosneft CEO
Rosneft CEO Igor Sechin called decision by OPEC+ 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 this year is three times higher than the alliance’s original plan. In addition, the entire OPEC+ production increase could be pushed back a year ahead of plan.
“The decision of OPEC leaders to boost production appears today a very forward-looking and, a justified one from the market standpoint, given the consumers’ interest in light of uncertainty pertaining to the scope of the Iran-Israel conflict,” the CEO said.
At the same time, Sechin noted, “Despite the announced production growth, there can be no question of an oil excess in the market in the long run” as “world oil reserves are now at their lowest levels in five years”.
“Low oil prices suit consumers in the US, where the inflation-adjusted price of gasoline 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 CEO of Rosneft.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: OPEC+ Decision on Production Growth Justified, Oil Reserves at Minimum Level – Rosneft CEO
Rosneft CEO Igor Sechin called decision by OPEC+ 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 this year is three times higher than the alliance’s original plan. In addition, the entire OPEC+ production increase could be pushed back a year ahead of plan.
“The decision of OPEC leaders to boost production appears today a very forward-looking and, a justified one from the market standpoint, given the consumers’ interest in light of uncertainty pertaining to the scope of the Iran-Israel conflict,” the CEO said.
At the same time, Sechin noted, “Despite the announced production growth, there can be no question of an oil excess in the market in the long run” as “world oil reserves are now at their lowest levels in five years”.
“Low oil prices suit consumers in the US, where the inflation-adjusted price of gasoline 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 CEO of Rosneft.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: China Moves Towards Full Energy Independence to Become Major Energy Exporter – Rosneft CEO
China is moving towards full energy independence and will turn from an importer to a major energy exporter in the foreseeable future, Rosneft CEO Igor Sechin said in his report at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
He noted that China is a unique example of a competent approach to energy system development – the country now accounts for a third of the world’s investments in the energy sector.
“In my opinion, China, which has already ensured its energy security, is confidently moving towards complete energy independence, forming a stable energy balance based on its own resources. There is no doubt, taking into account the persistence and professionalism of the Chinese comrades, that in the foreseeable future they will achieve the desired result, which will turn China from an importer of energy resources into a major energy exporter,” said the CEO of Rosneft.
According to Igor Sechin, in recent years it is in China that the largest amount of new renewable energy capacity has been commissioned and more than 70% of the world’s capacity for the production of equipment for the “green” economy is located. This applies to the entire value chain: from critical minerals to the production of high-tech equipment that has no analogues in Western countries.
Rosneft’s CEO also noted China’s efforts in increasing investments in related infrastructure: investments in power grids increased by 15% last year and may double this year. “investments in rechargeable batteries have grown almost fivefold to $11 billion. As of today, the total capacity of such batteries in China exceeds 35 GW , which amounts to two-thirds of the entire global capacity,” Igor Sechin said.
At the same time, China has never given up fossil fuels. Over the last five years, the country has outpaced the rest of the world in terms of commissioning new coal-fired generation capacity. “Today, coal accounts for almost 60% of China’s electricity generation. Last year alone, China issued permits for about 100 gigawatts of new coal-fired power generation, the highest in a decade, which should strengthen coal’s role in the grid,” emphasized the CEO of Rosneft.
China’s efforts to strengthen its own energy security have drawn a barrage of criticism, often disguised as concern for the environment. “As the outstanding Chinese strategist and thinker Sun Tzu aptly noted two and a half thousand years ago: ‘The more brilliant your plan, the fewer people will agree with it,’” the Rosneft CEO added.
According to Sechin, China’s coordinated approach to energy security is particularly clear from the example of electric cars. The growth of their sales led to a significant slowdown in demand for motor fuel last year, and “the continuation of this trend may have a significant reversing effect on the balance of the oil market”.
An important part of China’s strategy to reduce its dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin concluded.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: China Moves Towards Full Energy Independence to Become Major Energy Exporter – Rosneft CEO
China is moving towards full energy independence and will turn from an importer to a major energy exporter in the foreseeable future, Rosneft CEO Igor Sechin said in his report at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
He noted that China is a unique example of a competent approach to energy system development – the country now accounts for a third of the world’s investments in the energy sector.
“In my opinion, China, which has already ensured its energy security, is confidently moving towards complete energy independence, forming a stable energy balance based on its own resources. There is no doubt, taking into account the persistence and professionalism of the Chinese comrades, that in the foreseeable future they will achieve the desired result, which will turn China from an importer of energy resources into a major energy exporter,” said the CEO of Rosneft.
According to Igor Sechin, in recent years it is in China that the largest amount of new renewable energy capacity has been commissioned and more than 70% of the world’s capacity for the production of equipment for the “green” economy is located. This applies to the entire value chain: from critical minerals to the production of high-tech equipment that has no analogues in Western countries.
Rosneft’s CEO also noted China’s efforts in increasing investments in related infrastructure: investments in power grids increased by 15% last year and may double this year. “investments in rechargeable batteries have grown almost fivefold to $11 billion. As of today, the total capacity of such batteries in China exceeds 35 GW , which amounts to two-thirds of the entire global capacity,” Igor Sechin said.
At the same time, China has never given up fossil fuels. Over the last five years, the country has outpaced the rest of the world in terms of commissioning new coal-fired generation capacity. “Today, coal accounts for almost 60% of China’s electricity generation. Last year alone, China issued permits for about 100 gigawatts of new coal-fired power generation, the highest in a decade, which should strengthen coal’s role in the grid,” emphasized the CEO of Rosneft.
China’s efforts to strengthen its own energy security have drawn a barrage of criticism, often disguised as concern for the environment. “As the outstanding Chinese strategist and thinker Sun Tzu aptly noted two and a half thousand years ago: ‘The more brilliant your plan, the fewer people will agree with it,’” the Rosneft CEO added.
According to Sechin, China’s coordinated approach to energy security is particularly clear from the example of electric cars. The growth of their sales led to a significant slowdown in demand for motor fuel last year, and “the continuation of this trend may have a significant reversing effect on the balance of the oil market”.
An important part of China’s strategy to reduce its dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin concluded.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: Rosneft Finalizes Development of GTL Technology, Plans Introduction in Taimyr Project – Sechin
Igor Sechin, Chief Executive Officer of Rosneft, speaking at the Energy Panel at the XXVIII St. Petersburg International Economic Forum, said that the Company has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL* process using Fischer-Tropsch synthesis.
“I would also like to inform that Rosneft has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL process using Fischer-Tropsch synthesis. All stages of the technological process are covered by respective patents. We plan to introduce this technology in Taimyr,” Igor Sechin said.
The CEO of the Company demonstrated to the participants of the energy panel a flask with the obtained fuel, noting that it is synthetic oil consisting of the purest hydrocarbon molecules, with zero sulfur content. “To anyone who is interested, we are ready to provide samples,” he added, addressing the participants and audience of the Energy Panel.
Speaking about the importance of such fuel, Igor Sechin cited the example of China, where an important part of the strategy to reduce dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin emphasized.
* GTL or Gas-to-Liquid is a technology for converting natural gas into high quality liquid hydrocarbons such as diesel fuel, gasoline, and others.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: Rosneft Finalizes Development of GTL Technology, Plans Introduction in Taimyr Project – Sechin
Igor Sechin, Chief Executive Officer of Rosneft, speaking at the Energy Panel at the XXVIII St. Petersburg International Economic Forum, said that the Company has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL* process using Fischer-Tropsch synthesis.
“I would also like to inform that Rosneft has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL process using Fischer-Tropsch synthesis. All stages of the technological process are covered by respective patents. We plan to introduce this technology in Taimyr,” Igor Sechin said.
The CEO of the Company demonstrated to the participants of the energy panel a flask with the obtained fuel, noting that it is synthetic oil consisting of the purest hydrocarbon molecules, with zero sulfur content. “To anyone who is interested, we are ready to provide samples,” he added, addressing the participants and audience of the Energy Panel.
Speaking about the importance of such fuel, Igor Sechin cited the example of China, where an important part of the strategy to reduce dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin emphasized.
* GTL or Gas-to-Liquid is a technology for converting natural gas into high quality liquid hydrocarbons such as diesel fuel, gasoline, and others.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Iran’s Foreign Minister, Abbas Araghchi, held talks with France, Germany, and the United Kingdom yesterday in Geneva as Israel’s attacks on Iran entered a second week.
A US-based Iranian human rights group reports the Israeli attacks have killed at least 639 people. Israeli war planes have repeatedly pummeled Tehran and other parts of Iran. Iran is responded by continuing to launch missile strikes into Israel.
Hundreds of thousands of Iranians have protested in Iran against Israel. Meanwhile, President Trump continues to give mixed messages on whether the US will join Israel’s attack on Iran.
On Wednesday, Trump told reporters, “I may do it, I may not do it”. On Thursday, White House Press Secretary Karoline Leavitt delivered a new statement from the President.
KAROLINE LEAVITT: “Regarding the ongoing situation in Iran, I know there has been a lot of speculation among all of you in the media regarding the president’s decision-making and whether or not the United States will be directly involved.
“In light of that news, I have a message directly from the president. And I quote, ‘Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks.’”
AMY GOODMAN, The War and Peace Report:President Trump has repeatedly used that term, “two weeks,” when being questioned about decisions in this term and his first term as president. Leavitt delivered the message shortly after President Trump met with his former adviser, Steve Bannon, who has publicly warned against war with Iran.
Bannon recently said, “We can’t do this again. We’ll tear the country apart. We can’t have another Iraq,” Bannon said.
This comes as Trump’s reportedly sidelined National Intelligence Director Tulsi Gabbard from key discussions on Iran. In March, Gabbard told lawmakers the intelligence community, “Continues to assess that Iran is not building a nuclear weapon.”
But on Tuesday, Trump dismissed her statement, saying, “I don’t care what she said.”
Earlier Thursday, an Iranian missile hit the main hospital in Southern Israel in Beersheba. After the strike, Israeli Defense Minister Israel Katz threatened to assassinate Ayatollah Khamenei, saying Iran’s supreme leader, “Cannot continue to exist.”
Israeli Prime Minister Benjamin Netanyahu visited the hospital and likened Iran’s attack to the London Blitz. Netanyahu stunned many in Israel by saying, “Each of us bears a personal cost. My family has not been exempt. This is the second time my son Avner has cancelled a wedding due to missile threats.”
We’re joined now by William Hartung, senior research fellow at the Quincy Institute for Responsible Statecraft. His new article for The National Interest is headlined, “Don’t Get Dragged Into a War with Iran.”
Can you talk about what’s going on right now, Bill, the whole question of whether the U.S. is going to use a bunker-buster bomb that has to be delivered by a B-2 bomber, which only the US has?
Another Iraq: Military expert warns US has no real plan Video: Democracy Now!
WILLIAM HARTUNG: Yeah. This is a case of undue trust in technology. The US is always getting in trouble when they think there’s this miracle solution. A lot of experts aren’t sure this would even work, or if it did, it would take multiple bombings.
And of course, Iran’s not going to sit on its hands. They’ll respond possibly by killing US troops in the region, then we’ll have escalation from there. It’s reminiscent of the beginning of the Iraq War, when they said, “It’s going to be a cakewalk. It’s not going to cost anything.”
Couple of trillion dollars, hundreds of thousands of casualties, many US veterans coming home with PTSD, a regime that was sectarian that paved the way for ISIS, it couldn’t have gone worse.
And so, this is a different beginning, but the end is uncertain, and I don’t think we want to go there.
AMY GOODMAN: So, can you talk about the GBU-57, the bunker-buster bomb, and how is it that this discussion going on within the White House about the use of the bomb — and of course, the US has gone back and forth — I should say President Trump has gone back and forth whether he’s fully involved with this war.
At first he was saying they knew about it, but Israel was doing it, then saying, “We have total control of the skies over Tehran,” saying we, not Israel, and what exactly it would mean if the US dropped this bomb and the fleet that the US is moving in?
WILLIAM HARTUNG: Yes, well, the notion is, it’s heavy steel, it’s more explosive power than any conventional bomb. But it only goes so deep, and they don’t actually know how deep this facility is buried. And if it’s going in a straight line, and it’s to one side, it’s just not clear that it’s going to work.
And of course, if it does, Iran is going to rebuild, they’re going to go straight for a nuclear weapon. They’re not going to trust negotiations anymore.
So, apparently, the two weeks is partly because Trump’s getting conflicting reports from his own people about this. Now, if he had actual independent military folks, like Mark Milley in the first term, I think we’d be less likely to go in.
But they made sure to have loyalists. Pete Hegseth is not a profile in courage. He’s not going to stand up to Trump on this. He might not even know the consequences. So, a lot of the press coverage is about this bomb, not about the consequences of an active war.
AMY GOODMAN: Right, about using it. In your recent piece, you wrote, “Israeli officials suggested their attacks may result in regime change in Iran, despite the devastating destabilising impact such efforts in the region would have.”
Can you talk about the significance of Israel putting forward and then Trump going back and forth on whether or not Ali Khamenei will be targeted?
WILLIAM HARTUNG: Yeah, I think my colleague Trita Parsi put it well. There’s been no example of regime change in the region that has come out with a better result. They don’t know what kind of regime would come in.
Could be to the right of the current one. Could just be chaos that would fuel terrorism, who knows what else.
So, they’re just talking — they’re winging it. They have no idea what they’re getting into. And I think Trump, he doesn’t want to seem like Netanyahu’s pulling him by the nose, so when he gets out in front of Trump, Trump says, “Oh, that was my idea.”
But it’s almost as if Benjamin Netanyahu is running US foreign policy, and Trump is kind of following along.
AMY GOODMAN: You have Netanyahu back in 2002 saying, “Iran is imminently going to have a nuclear bomb.” That was more than two decades ago.
WILLIAM HARTUNG: Exactly. That’s just a cover for wanting to take out the regime. And he spoke to the US Congress, he’s made presentations all over the world, and his intelligence has been proven wrong over, and over, and over.
And when we had the Iran deal, he had European allies, he had China, he had Russia. There hadn’t been a deal like that where all these countries were on the same page in living memory, and it was working.
And Trump trashed it and now has to start over.
AMY GOODMAN: So, talk about the War Powers Act. The Virginia Senator Kaine has said that — has just put forward a bill around saying it must be — Congress that must vote on this. Where is [Senator] Chuck Schumer [Senate minority leader]? Where is [Hakeem] Jeffries [Congress minoroity leader] on this, the Democratic House and Senate leaders?
WILLIAM HARTUNG: Well, a lot of the so-called leaders are not leading. When is the moment that you should step forward if we’re possibly going to get into another disastrous war? But I think they’re concerned about being viewed as critical of Israel.
They don’t want to go out on a limb. So, you’ve got a progressive group that’s saying, “This has to be authorised by Congress.” You’ve got Republicans who are doubtful, but they don’t want to stand up to Trump because they don’t want to lose their jobs.
“Risk your job. This is a huge thing. Don’t just sort of be a time-server.
AMY GOODMAN: So, according to a report from IAEA, the International Atomic Energy Agency, released in May, Iran has accumulated roughly 120 kilograms of uranium enriched to 60 percent, which is 30 percent away from weapons-grade level of 90 percent. You have Rafael Grossi, the head of the IAEA, saying this week that they do not have evidence that Iran has the system for a nuclear bomb.
WILLIAM HARTUNG: Yes, well, a lot of the discussion points out — they don’t talk about, when you’ve got the uranium, you have to build the weapon, you have to make it work on a missile.
It’s not you get the uranium, you have a weapon overnight, so there’s time to deal with that should they go forward through negotiations. And we had a deal that was working, which Trump threw aside in his first term.
AMY GOODMAN: Talk about the foreign minister of Iran, Araghchi, in Geneva now speaking with his counterparts from Britain, France, the EU.
WILLIAM HARTUNG: Well, I don’t think US allies in Europe want to go along with this, and I think he’s looking for some leverage over Trump. And of course, Trump is very hard to read, but even his own base, the majority of Trump supporters, don’t want to go to war.
You’ve got people like Tucker Carlson, Steve Bannon saying it would be a disaster. But ultimately, it comes down to Trump. He’s unpredictable, he’s transactional, he’ll calculate what he thinks it’ll mean for him.
AMY GOODMAN: And what impact does protests have around the country, as we wrap up?
WILLIAM HARTUNG: Well, I think taking the stand is infectious. So many institutions were caving in to Trump. And the more people stand up, 2000 demonstrations around the country, the more the folks sitting on the fence, the millions of people who, they’re against Trump, but they don’t know what to do, the more of us that get involved, the better chance we have of turning this thing around.
So, we should not let them discourage us. We need to build power to push back against all these horrible things.
AMY GOODMAN: Finally, if the US were to bomb the nuclear site that it would require the bunker-buster bomb to hit below ground, underground. Are we talking about nuclear fallout here?
WILLIAM HARTUNG: I think there would certainly be radiation that would of course affect the Iranian people. They’ve already had many civilian deaths. It’s not this kind of precise thing that’s only hitting military targets.
And that, too, has to affect Iran’s view of this. They were shortly away from another negotiation, and now their country’s being devastated, so can they trust us?
AMY GOODMAN: Bill Hartung is senior research fellow at the Quincy Institute for Responsible Statecraft. His new piece for The National Interest is headlined, “Don’t Get Dragged Into a War with Iran.”
Republished from Democracy Now! under Creative Commons.
HE Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi met today with Their Excellencies ambassadors of the Gulf Cooperation Council (GCC) countries accredited to the IAEA.
During the meeting, the GCC ambassadors conveyed the GCC members’ concerns over the current situation and their special interest in the safety of nuclear facilities, especially those geographically close to GCC countries. They emphasized the need to ensure the highest levels of preparedness and preventive measures.
The GCC ambassadors emphasized the pivotal role played by the IAEA in enhancing preventive security at the regional and international levels and following up on the technical and operational obligations of countries under the comprehensive safeguards system.
They warned of the serious consequences of targeting nuclear facilities, both human and environmental, as this poses a direct threat to radiological safety and the international nuclear safeguards system, as well as a clear violation of international law and international humanitarian law.
0:15 5 nations leading energy transition – The World Economic Forum’s Energy Transition Index 2025 ranks countries by how well they are progressing towards secure, equitable, and sustainable energy systems.
3:51 Start-ups upcycle carbon waste – Three innovative start-ups are proving that carbon emissions don’t have to be waste—they can be resources. These UpLink Top Innovators are transforming CO2 into materials used in daily life.
6:25 UK kids project boots fitness – Around the world, most kids don’t get enough exercise. But one initiative in Bradford, UK, shows this can be changed with the right approach.
8:05 Why the ocean is getting darker – Over the past 20 years, more than 20% of the world’s ocean has grown darker. This trend is shrinking the photic zone—the sunlit layer that supports nearly all marine life.
____________________________________________
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
0:15 5 nations leading energy transition – The World Economic Forum’s Energy Transition Index 2025 ranks countries by how well they are progressing towards secure, equitable, and sustainable energy systems.
3:51 Start-ups upcycle carbon waste – Three innovative start-ups are proving that carbon emissions don’t have to be waste—they can be resources. These UpLink Top Innovators are transforming CO2 into materials used in daily life.
6:25 UK kids project boots fitness – Around the world, most kids don’t get enough exercise. But one initiative in Bradford, UK, shows this can be changed with the right approach.
8:05 Why the ocean is getting darker – Over the past 20 years, more than 20% of the world’s ocean has grown darker. This trend is shrinking the photic zone—the sunlit layer that supports nearly all marine life.
____________________________________________
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
The energy panel organized by Rosneft Oil Company as part of the SPIEF ended with the traditional oil price forecast from its participants. This year, the head of the Company Igor Sechin and the Chairman of the Supervisory Board of the non-profit initiative of the Japanese government to develop low-carbon technologies Nobuo Tanaka presented their vision of the development of events.
Professor Tanaka recalled that a year earlier, Energy Panel participants predicted the price of oil at $60 per barrel. “This year, I am afraid that the price may exceed $100 due to the crisis that is currently happening in the Middle East,” said the Japanese expert, who headed the International Energy Agency from 2007 to 2011.
In turn, the head of Rosneft responded to this: “Whatever it (the price of oil – ed.) may be, it is difficult for us to guess what will happen. Nobody knows. I will remind Machiavelli: “The power of power is in its secret.”
At the same time, Igor Sechin named the price that the Company included in the business plan for 2025 and 2026: “We do not know what geopolitical factors will affect the market. But whatever they are, our company Rosneft is setting its business plan for this year at 45 dollars, and for the next year at 42-43. We do not want to depend on this volatility,” he said.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
At the Energy Panel of the XXVIII St. Petersburg International Economic Forum, leading industry experts, politicians, scientists, government officials and heads of major international energy companies discussed current trends in the global energy market.
Their assessments and forecasts largely coincided with the visionary concept of the industry development presented by Rosneft CEO Igor Sechin. In his report “The Odyssey of the World Economy in Search of the Golden Fleece. The New Image of World Energy,” he announced that the current state of world energy is at the stage of forming a new image, caused by the multiple growth of electricity consumption, the generation of which will be provided by both fossil fuels and renewable energy sources. According to him, the optimal solution today is “the synthesis of traditional and alternative energy sources.”
The event, organized with the support of PJSC NK Rosneft, was attended by Chairman of the Board of Directors of Rosneft Mohammed Bin Saleh Al-Sada, Executive Vice President of the Republic of Venezuela Delcy Rodriguez, Chief Executive Officer of Pertamina Simon Aloysius Mantiri, Vice President of CNPC Zhang Daowei, Executive Director of Reliance Industries Panda Madhusudana Shiva Prasad, Academician of the Russian Academy of Sciences Alexander Dynkin, Minister of Energy of the Republic of Uzbekistan Jurabek Mirzamakhmudov, Chairman of the Supervisory Board of the non-profit initiative of the Japanese government for the development of low-carbon technologies Nobuo Tanaka, as well as President of TOFS Group David Gadzhimirzaev.
ENERGY TRANSITION WITHOUT TRANSITION
Mohammed Bin Saleh Al-Sada opened the discussion of Igor Sechin’s report, noting the depth of his analysis. “It was comprehensive – the way you showed that progress and energy are inseparable,” Al-Sada addressed Sechin.
The head of the board of directors of Rosneft drew the audience’s attention to the fact that, despite the active promotion of the idea of switching to renewable energy sources, the share of fossil energy sources in the energy balance has not changed in recent decades. He recalled that Igor Sechin mentioned in his report that fossil fuels account for 80% of the world’s energy balance. “And these statistics have not changed in the last 20 years! We flutter around these 80% of fossil fuels and energy sources, and, therefore, little has changed!” exclaimed Al-Sada, describing the situation in the global energy sector.
“In other words, we are essentially not making any transition away from hydrocarbons,” he concluded, emphasizing that the transition to renewable energy sources is being imposed on the industry and the public.
“I would also like to take the baton from Mr. Sechin and pass on my comment to you. This is food for thought: are we really moving from fossil fuels to renewables?” Al-Sada addressed the audience.
The Chairman of the Board of Directors of Rosneft also noted that the demand for energy for various reasons does not always coincide with the growth of production. “I would like to express two small thoughts in order to further color the valuable things that we heard in the words of Mr. Sechin. The lack of investment is already a reality in the hydrocarbon and energy sectors. This is what can really lead us to a serious shortage of energy. “If this trend continues, we may face a shortage of energy resources. This is not only my personal opinion, but also what a large number of analysts say, including the International Energy Agency and other respected experts, who in their reviews emphasize the importance of having sufficient investment in the hydrocarbon sector. Otherwise, we will face the risk of a shortage of primary energy!” Al-Sada emphasized.
THE FUTURE IS SYNERGY
Vice President of China’s CNPC Zhang Daowei noted that he listened with interest to the report of Rosneft’s Chief Executive Officer. In his speech, the top manager of the Chinese company expressed similar assessments of the development paths of the global energy sector – in particular, the need for synergy between traditional and new energy sources.
“We have always believed that in the context of the energy transition course, it is necessary to adhere to the synergetic, comprehensive development of traditional and new energy sources, fully take into account the characteristics and level of development of our countries’ markets, properly link the energy transition with energy security, and promote a fair and sustainable model of energy transformation,” Daowei noted.
According to the vice president, within the framework of this philosophy, CNPC, on the one hand, continues to increase the exploration and development of oil and gas fields at home and import high-quality resources from abroad, including strengthening long-term cooperation with Russia in the field of hydrocarbon trade. On the other hand, CNPC actively adheres to the strategy of “green”, low-carbon development and implements the development of the “three-step strategy” combining oil and gas projects using wind, solar, geothermal, hydrogen and carbon capture technologies.
Indonesia’s Pertamina President and CEO Simon Aloysius Mantiri said the company is pursuing a dual growth strategy that relies on both traditional resources and low-carbon solutions, with natural gas playing a major role in the country’s energy mix.
“Natural gas is at the center of our strategy to transition to cleaner fuels. And today we are expanding our capacity and ability to produce LNG for both domestic and export needs,” he said.
The head of Pertamina essentially repeated the thesis voiced in Igor Sechin’s report, and particularly emphasized that by achieving a balance of energy sources and a comprehensive approach, the company is capable of ensuring high rates of economic growth and, at the same time, carbon neutrality.
Reliance Industries CEO PMS Prasad said India does not choose between energy access and innovation. “It integrates both. By developing scalable, context-specific solutions, it addresses local priorities while making a significant contribution to global sustainability. From rural microgrids to energy-efficient data centres, India is turning its potential into a strategic asset,” Prasad said.
He stressed that international partnerships play a vital role in this ambitious endeavour. “Energy remains a key cornerstone of the strategic relationship between India and Russia. India values this trusting partnership and appreciates the cooperation built over decades. The leadership of both countries is committed to taking this partnership to even higher levels in the future,” the Reliance Industries CEO concluded.
NUCLEAR POWER PLANTS ARE NOT WRITTEN OFF THE ACCOUNTS
Rosneft CEO Igor Sechin noted in his keynote speech at the Energy Panel the growing interest in nuclear power generation worldwide and, accordingly, the growth of investments in this area. According to him, this is happening against the backdrop of growing energy consumption and in the future nuclear energy will be in demand along with fossil fuels and renewable energy sources.
Reliance Industries CEO Panda Madhusudana Shiva Prasad, speaking in turn about the prospects for the development of India’s energy sector, particularly emphasized the significant role of nuclear power generation.
“Gas, renewables supported by energy storage systems and a robust transmission grid, and nuclear power will play a key role. India’s ambitious nuclear programme, including small modular reactors, reflects its commitment to long-term energy security and decarbonisation,” Prasad said.
The revival of interest in investment in the construction of nuclear power plants was noted in the speech of the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov. He spoke about joint plans with Russia to build two units of 55 megawatts each, and two units of VVR-type reactors – water-cooled power reactors. The head of the ministry also reported that the country is installing power plants where gas is burned, hydropower is developing, the share of renewable sources is increasing, and storage systems are being created at the same time.
The Minister noted the content of Igor Sechin’s report, which provided a detailed analysis and reflected all the development trends in global energy, science and economics.
ENERGY SECURITY FIRST
In her speech, the Executive Vice President of the Republic of Venezuela, Delcy Rodriguez, supported the thesis expressed by the head of Rosneft that issues of ensuring energy security should be a top priority.
“We always advocate that the energy transition be carried out responsibly, taking into account reality, in order to avoid abrupt changes that could threaten energy security,” Rodriguez said.
The Executive Vice President of Venezuela named the main components of a stable energy system of the future: energy security, reliable supplies, accessibility for all, and at the same time respect for nature – with minimal impact on the environment.
Among the main threats to energy security, Rodriguez named illegal sanctions against producing countries and the hegemony of the dollar.
Chairman of the Supervisory Board of the Japanese government’s non-profit initiative to develop low-carbon technologies Nobuo Tanaka, in turn, noted that the answer to energy security issues is always associated with diversification of supply sources, increasing energy efficiency and searching for alternative energy sources, including renewable energy sources, nuclear energy and regulating the market through predictable policies.
CONTRARY TO LOGIC
The participants in the discussion drew attention to the political events of the last decades and stated that today geopolitics shapes the directions of economic cooperation. Moreover, often contrary to the logic of market expediency and economic efficiency.
Tanaka recalled in this regard how he discussed Germany’s energy policy with Chancellor Merkel in 2009: “I asked her why Germany does not use nuclear energy. She answered like this: Mr. Tanaka, I am a scientist, I know how important it is to use nuclear energy, but in order to use it in Germany, she said, give me the votes of the voters in exchange for it. Yes, she is a good scientist, but she is also a very smart politician.”
The professor is sure that despite her experience, Merkel made a very serious mistake by changing her policy on the use of nuclear power plants under pressure from public opinion. Another mistake was the refusal to use Russian energy resources and Russian natural gas. “I think she was misled,” Tanaka said.
“Geopolitics is a factor in the global economy of the 21st century. It is geopolitical interests that united the BRICS countries. The criterion for membership is not the application of sanctions against other members of the organization. But geopolitics has also become a kind of “trap” for Germany after Trump’s victory,” says academician of the Russian Academy of Sciences Alexander Dynkin.
He noted that Eurocrats are concerned about the complete rejection of energy supplies from Russia by 2027. “They are not stopped by the growth of costs, which undermines the competitiveness of the EU,” Dynkin noted and recalled that if in 2014 the US GDP was ahead of the EU GDP by only 12%, then last year the American economy was already 50% larger than the European one.
“Although the German energy crisis is formally over, the country paid for it with three years of stagnation, deindustrialization, inflation, and a migration crisis,” said the member of the Russian Academy of Sciences.
DIGITAL REVOLUTION
The thesis voiced in Igor Sechin’s report that the digital revolution is opening a new era in the development of the oil and gas industry received a warm response from the audience. In particular, David Gadzhimirzaev, CEO of the oilfield services company TOFS, thanked Rosneft for supporting innovation and developing technologies. He emphasized the importance of ensuring the availability, stability and reliability of resources, which can be provided by new technologies that will reduce the cost of lifting barrels to the surface.
“We all know that literally this year the energy strategy-2050 was approved, which includes the fact that by 2050 about 70% of the Russian Federation’s production will be from hard-to-recover reserves. Therefore, we, in turn, are not only working on the expertise, but also working on the production of new technologies,” Gadzhimirzaev said.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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Headline: Rosneft CEO Calls Energy Sector One of Driving Forces of New Technological Revolution
The energy sector is one of the main drivers of the new technological revolution, said Igor Sechin, Chief Executive Officer of Rosneft, at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
Delivering a keynote speech, he noted that the digital revolution with the application of artificial intelligence and work with big data should become the basis for labor productivity growth.
Investment bank Goldman Sachs estimates that large-scale implementation of high technologies will increase labor productivity by 1.5 p.p. for developed countries and by 1 p.p. for developing countries within 10 years. “However, the development of advanced technologies requires substantial natural resources, as well as large-scale investments in infrastructure and human capital. This, in turn, means a multiple increase in energy consumption,” Rosneft CEO noted.
“Undoubtedly, one of the main driving forces of the new technological revolution is the energy sector,” Sechin said. He recalled that the use of artificial intelligence on the basis of large data processing centers is a highly energy-intensive process. “According to the International Energy Agency, the electricity demand of a single 100 megawatt data center today is comparable to the consumption of 100,000 households. In the future, this demand could increase by several tens of times,” the Rosneft CEO added.
Such centers, according to Sechin, will contribute more to the growth of global electricity demand than heavy industry or heat supply. “According to forecasts , by 2030 their electricity consumption will more than double, reaching one thousand terawatt-hours, which is comparable to Japan’s current consumption,” said the CEO of Rosneft.
Igor Sechin also cited the development of the cryptocurrency market as an example of the impact of digitalization on the global energy system. According to him, in less than ten years they have turned into an independent industry, which today consumes resources on a par with entire countries. For example, the energy consumption of the entire bitcoin network as of May 2025 has already exceeded the level of electricity consumption in Poland.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Headline: Digital Revolution Opens New Era in Oil And Gas Industry Development – Sechin
The digital revolution is opening a new era in the development of the oil and gas industry, Rosneft CEO Igor Sechin said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
“The digital revolution is opening a new era in the development of the oil and gas industry, including the impact on oil exploration, production, refining, data storage and cybersecurity of the industry,” Sechin said during his keynote speech.
Sechin cited expert estimates that the market for artificial intelligence technologies in the oil and gas industry will grow by 83% by 2030. At the moment, 49% of this market is in the refining segment. It is expected that the introduction of artificial intelligence in the upstream segment will grow by 14% per year over the next five years, said the CEO of Rosneft.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
BEARING WITNESS:By Cole Martin in occupied Bethlehem
Kia ora koutou,
I’m a Kiwi journo in occupied Bethlehem, here’s a brief summary of today’s events across the Palestinian and Israeli territories from on the ground.
Sixty nine people killed in Gaza, 12 while seeking aid, and 221 injured (172 seeking aid). 11 killed by Israeli airstrike on a house in central Gaza. Qassam Brigades carried out a “complex” ambush against Israeli forces in southern Gaza. Israel are preventing humanitarian organisations from accessing fuel storage sites in the enclave, hospital supplies last for just three days.
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Iranian authorities report five hospitals damaged in targeted Israeli strikes, have arrested 16 agents allegedly linked to Israel, and offered Israeli “collaborators” a pardon if they surrender their drones by July 1.
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Two US destroyers have arrived in the eastern Mediterranean, bringing the total to five in the region and two in the Red Sea.
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An Israeli drone targeted a car in southern Lebanon, violating the existing ceasefire and Lebanese sovereignty yet again.
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Israeli leaders double down on their accusations that Iran is developing nuclear bombs, despite the international watchdog, IAEA [International Atomic Energy Agency], saying there is no sufficient evidence. 18 injured by Iranian missile in the southern Israeli territories, 17 in Haifa. Strikes targeted Israel’s Channel 14 news stations as threatened, after Israeli forces struck Iran’s state broadcaster two days ago. 100 million shekel pledged by Israeli regime to build 1000 new bomb shelters in some areas; the regime is known for under-investment in Palestinian neighbourhoods.
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More checkpoints and barriers installed across the West Bank. Ambulance movement continues to be disrupted by gas shortages in Bethlehem. Despite the war, Israeli occupation forces continue extensive home demolitions in Nour Shams refugee camp in the northern West Bank. Settlers crush and uproot Palestinian olive trees near Sinjil, north of Ramallah. Occupation bulldozers dug up roads south of Jenin. Palestinian residents were shot at by settlers while trying to extinguish fires west of Bethlehem.
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Israel’s genocidal war in Gaza continues, with minimal political intervention to prevent it.
Cole Martin is an independent New Zealand photojournalist based in the Middle East and a contributor to Asia Pacific Report.
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Rosneft CEO Igor Sechin is confident that Russia and its economy will successfully overcome unprecedented external pressure.
“Despite the fact that our dream of an open global economy, of immutable laws protecting the inviolability of property and contractual obligations, of equal legal guarantees for all turned out to be an illusion, despite the unprecedented external pressure in history, we repeat the great words spoken in June of 1941 and which became a symbol of the indestructible spirit of our people: “Our cause is just, the enemy will be defeated, victory will be ours!” said the head of Rosneft, speaking at the Energy Panel within the framework of the XXVIII St. Petersburg International Economic Forum.
The head of Rosneft, concluding the report “The Odyssey of the World Economy in Search of the Golden Fleece. The New Face of World Energy,” reminded the participants of the Energy Panel that, having obtained the fleece, the Argonauts returned to Greece, but did not find happiness.
“But what is the meaning of the myth, if evil is followed only by evil, and good intentions turn into their opposite? Perhaps the meaning is that the Golden Fleece, obtained by criminal means, does not bring happiness, and evil always breeds evil. A miracle will not happen,” Igor Sechin concluded.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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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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Russia, Venezuela and Iran are key players in the energy market, on whose supplies global energy security depends, said Rosneft Chief Executive Officer Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
“Russia, Venezuela and Iran are key players in the energy market, on whose supplies global energy security directly depends. They account for a third of the world’s liquid hydrocarbon reserves and 15% of global production. Without their resource base, the transition to a new image of global energy is impossible,” the head of the Company said.
At the same time, according to Sechin, Russia’s real contribution to the global economy is proportional to its share in the global resource balance.
“Our country’s share in global hydrocarbon exports is about 15%. However, the Russian resource base is not only hydrocarbons, but also metals. Russia’s share in gold mining is about 10%, and in the production of metals such as high-grade nickel and palladium, it reaches 20% and 40%, respectively,” the CEO said.
The head of Rosneft also noted that Russia contains about 10% of the world’s reserves of rare earth metals, without which the development of modern technologies is impossible.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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Rosneft CEO Igor Sechin proposed that Russian banks with state participation increase dividend payments to the state, which would reduce budget risks, allow the authorities to consider easing fiscal regimes for producers and become an incentive for the country’s development.
“The banking system is stable due to the relatively low tax burden and increased yield on federal loan bonds, which allows it to operate with high efficiency. But we expect an increase in its contribution not only to the budget, but also to the country’s economy. At a minimum, increasing dividend payments in favor of the state would be reasonable and appropriate and could reduce budget risks, which would allow us to consider reducing fiscal regimes for producers and become an incentive for the country’s development,” said Igor Sechin, speaking at the Energy Panel within the framework of the XXVIII St. Petersburg International Economic Forum.
The head of Rosneft recalled that the Russian economy has been under unprecedented sanctions pressure for more than three years. “However, despite numerous negative forecasts, it has been able to assert its viability during this period. In the last two years, Russia’s GDP growth rates have exceeded the world average,” he emphasized.
According to the Ministry of Finance, the federal budget remains balanced, and the level of public debt is stable and under control, noted Igor Sechin.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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The abolition of subsidies for green energy in the United States shows that this country, unlike the European Union, is returning to a pragmatic policy, believes Rosneft CEO Igor Sechin.
The head of the Company noted that in the United States, where electricity consumption has once again begun to grow after a decade of stagnation, the new administration is already revising the energy strategy in favor of traditional sources. Thus, President Trump recently signed a number of executive orders aimed at reviving the coal industry. At the same time as easing regulations, the US Department of Energy increased its forecast for American coal production this year by 6%.
“The abolition of subsidies for “green” energy in the United States shows that this country, unlike the European Union, is returning to a pragmatic policy. An ill-considered strategy of abandoning traditional generation has already led to the fact that the cost of electricity in Europe today is five times higher than in the United States,” said the head of Rosneft at the Energy Panel within the framework of the XXVIII St. Petersburg International Economic Forum.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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Oil production in the US at current prices has probably reached its peak, said Rosneft CEO Igor Sechin at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
In his keynote address, the Company’s CEO called the energy policy initially announced by the new US administration promising. However, most of these goals have not yet been achieved: tariff wars have led to a drop in oil prices, while taxes for the oil industry remain at the same level and interest rates are not decreasing. Against this background, the number of active drilling rigs has fallen by 9% to 439 units over the past two months and oil production growth has stopped. In less than a year, the US Department of Energy has reduced its forecast for oil production in the US by the end of 2025 by 400 thousand barrels per day.
“At current prices, oil production in the US has apparently peaked,” Sechin said, noting that Diamondback Energy and ConocoPhillips recently voiced this opinion. And Liberty Energy, an oilfield services company founded by US Energy Secretary Chris Wright, expects drilling activity to slow significantly in the second half of this year, which should lead to a reduction in the US drilling fleet by about another 10%. “It is not surprising that against this backdrop, many shale players have already begun to reduce investments,” the head of Rosneft believes.
He noted that the sharp decline in oil prices this year has already led to a revision of investment plans. According to the latest IEA estimate, global investment in oil exploration and production will fall by 6% this year for the first time in five years, with the drop in the US being around 10%. “I think this is just the beginning,” the head of Rosneft noted.
“The new US Treasury Secretary Scott Bessent has repeatedly stated that for Trump’s second presidential term to be successful, oil production in the country must increase by three million barrels per day. This is part of the so-called “3-3-3 Plan,” which also implies reducing the US budget deficit to 3% of GDP and achieving three percent GDP growth,” Igor Sechin recalled.
The head of the Company also wonders what difference it makes for the American market where these barrels come from? “It is quite possible that these could be barrels produced in OPEC member countries. The Alliance has consistently, since the end of last year, stated the need to increase production in connection with changes in consumption,” Sechin said.
The CEO also noted that in addition to the interests of states, it is necessary to take into account the interests of shareholders. Low oil prices in the current period do not allow many companies to maintain the previous level of dividend payments and share buybacks, the head of Rosneft said. According to the assessment of Rystad Energy experts, cited by Sechin, if oil majors maintain payments to shareholders, then already this year they will have to almost completely abandon investments or significantly increase their debt.
“The price decline has already started to affect the major players, with BP and Chevron cutting their share buybacks by nearly 60% and 30%, respectively, and Aramco having to increase its debt to be able to pay dividends,” the CEO said.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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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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The energy sector is one of the main driving forces of the new technological revolution, said Rosneft Chief Executive Officer Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
In his keynote address, he noted that the digital revolution, using artificial intelligence and big data, should become the basis for increasing labor productivity.
According to the investment bank Goldman Sachs, the large-scale introduction of high technologies will increase labor productivity by 1.5 percentage points for developed countries and by 1 percentage point for developing countries over 10 years. “However, the development of high technologies requires a significant amount of natural resources, as well as large-scale investments in infrastructure and human capital. This, in turn, means a multiple increase in energy consumption,” the head of Rosneft noted.
“Without a doubt, one of the main driving forces of the new technological revolution is the energy sector,” Sechin said. He recalled that the use of artificial intelligence based on large data centers is a highly energy-intensive process. “According to the International Energy Agency, today the electricity needs of one 100-megawatt data center are comparable to the consumption of 100,000 households. In the future, these needs may increase tens of times,” the head of Rosneft added.
Such centers, according to Sechin, will make a greater contribution to the growth of global demand for electricity than heavy industry or heat supply. “According to forecasts, by 2030 their electricity consumption will more than double and reach one thousand terawatt-hours, which is comparable to Japan’s current consumption,” the head of Rosneft said.
As an example of the impact of digitalization on the global energy system, Igor Sechin also cited the development of the cryptocurrency market. According to him, in less than ten years, they have become an independent industry that today consumes resources on par with entire countries. Thus, the energy consumption of the entire Bitcoin network as of May 2025 has already exceeded the level of electricity consumption in Poland.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.