Sechin named the main factors influencing the oil market

The operational and financial results of oil market players in the first half of the year were influenced by the exchange rate of the national currency, tariffs of natural monopolies and a high key rate, said Igor Sechin, head of Rosneft, commenting on the company's financial statements for the first half of the year.

"The first half of this year was characterized by lower oil prices, primarily due to overproduction of oil. The main reason is the active increase in production by OPEC countries, including Saudi Arabia, the United Arab Emirates, Iraq, Kuwait; production growth is also observed in Brazil and other countries," Sechin said. According to the company's estimates and the expectations of leading energy agencies, the oil market surplus in the fourth quarter will amount to 2.6 million barrels per day, in 2026 — 2.2 million barrels.

"In addition, there was an expansion of discounts on Russian oil due to the tightening of EU and US sanctions restrictions and a significant strengthening of the ruble exchange rate, which negatively affected the financial results of all exporters," the head of the company continued.

The increase in tariffs of natural monopolies, in particular for oil transportation and electricity transmission services, is exerting additional pressure on the oil industry against the background of unfavorable market conditions. In addition, the losses of exporting companies are associated with a high key interest rate. "A high interest rate leads to an increase in debt servicing costs, which worsens the financial stability of corporate borrowers, reduces profits and undermines their investment potential," Sechin added.

According to him, Rosneft forms the budget based on realistic assumptions, using the oil price of $ 45 per barrel. "We are optimizing production and focusing on high-margin projects with special tax treatment, including Vostok Oil and Sakhalin—1, to create a source of dividend payments," said the head of the company.

"Despite the negative external background, Rosneft continues to strictly adhere to its dividend policy, paying dividends continuously since 2000," Sechin stressed. He recalled that in August, Rosneft completed the payment of the final dividends approved by the annual shareholders' meeting. In 2024, their amount amounted to 542 billion rubles, or 51.15 rubles per share.

In January-June 2025, Rosneft's revenue exceeded 4 trillion rubles, and EBITDA reached 1 trillion rubles. Net profit attributable to shareholders in the first half of the year amounted to 245 billion rubles, and capital expenditures — 769 billion rubles. Hydrocarbon production in the specified period was at the level of 122 million tons of oil equivalent, including 89 million tons of oil and 39 billion cubic meters of gas.

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