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.

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Rosneft Oil Company
June 21, 2025