Sechin supports OPEC+ decision to increase oil production

Igor Sechin, Chief Executive Officer of Rosneft, called OPEC+'s decision to boost oil production justified and far-sighted in his key report at the SPIEF Energy Session.

Sechin noted that the announced increase in production since May this year is three times higher than the initial plan of the alliance. In addition, the entire increase in OPEC+ production may be shifted a year ahead of schedule.

"The decision taken by OPEC leaders to boost production looks very far-sighted today and, from the market's point of view, justified, given the interests of consumers in the light of uncertainty about the scale of the Iran—Israel conflict," said the head of Rosneft.

At the same time, Sechin noted, "despite the announced increase in production, there can be no question of any excess of oil on the market in the long term," since "world oil reserves are now 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 the level of 2019. It is no coincidence that this is happening against the background of the intensification of the White House's Middle East policy and the conclusion of a number of agreements with key countries in the region," said the head of Rosneft.