The head of Rosneft spoke about the situation with oil production in the United States

Most of the energy policy goals announced by the new US administration 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 falling, Rosneft Chief Executive Officer Igor Sechin said at the SPIEF Energy Panel.

According to him, the number of active drilling rigs in the United States over the past two months has fallen by 9% to 439 units. The Ministry of Energy of the country lowered its forecast for oil production by the end of 2025 by 400 thousand barrels per day.

"At current prices, oil production in the United States has apparently reached a peak," Sechin said, noting that this opinion was recently voiced by Diamondback Energy and ConocoPhillips. Oilfield services company Liberty Energy, founded by U.S. Secretary of Energy 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%, Sechin said.

"It is not surprising that against this background, many shale players have already begun to reduce investments," said the head of Rosneft.

He noted that the sharp decline in oil prices this year has already led to a revision of investment plans. Thus, according to the International Energy Agency, this year, for the first time in five years, global investments in oil exploration and production will decrease by 6%, while in the United States the decline will be about 10%, Sechin added.

Also, the price drop has already begun to affect the major players. "For example, BP and Chevron will reduce the volume of share buybacks by almost 60% and 30%, respectively, while Aramco has to increase its debt in order to be able to pay dividends," said Rosneft's chief executive officer.