he OPEC+ organization has lost part of its potential following the exit of a number of its participants, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security, at the Energy Panel during SPIEF-2026.

"Objective analysis of the oil market situation shows that with the exit of the United Arab Emirates, and previously Qatar, Ecuador, and Angola, OPEC+ has lost part of its potential. As a result, over the last 10 years the Alliance's production has dropped from 58 down to 37 million barrels per day," he shared.

At the same time, OPEC+ members Iran, Venezuela, and Libya are not subject to production restrictions. "Considering that Iran, Venezuela, and Libya were not initially subject to production cuts, and that Iraq and Kazakhstan significantly exceed their established quotas, the output of the alliance's member countries that comply with the caps actually amounts to 27 million barrels per day, which is less than a third of global production," Igor Sechin noted.

Nevertheless, Russia has strictly fulfilled its assumed obligations to limit production and fully contributed to achieving the alliance's tasks — despite the fact that all this time it has been under sanctions, which have deprived the country of advantages. " In Russia during the same period of restrictions, oil production has fallen by 1.5 million barrels per day. It is a 15% decline, which will have to be offset by required investments of at least ten trillion rubles," Igor Sechin stated.

He also observed that despite the support from the Russian Federation received by major participants in the alliance, their investment cooperation with our country has not been developed.

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026