Sechin announced plans to increase oil production

Rosneft is putting up for sale all the extracted oil, and at the moment the volume of production has been fully sold, said the head of Rosneft, Igor Sechin, answering questions during the annual meeting of the company's shareholders in the city of Bolshoy Kamen, Primorsky Territory.

"We don't keep anything in the bins, so all the oil has been sold," Igor Sechin said. The head of the company stressed that it is necessary to distinguish between stock quotes and futures and physical volumes of oil: it is the latter that the company has completely sold out by now. At the same time, Sechin added, the issues of increasing the volume of fossil fuels being extracted are currently being considered, since, despite the ongoing diversification projects, the issue of maintaining its position in traditional markets is fundamentally important for Rosneft. "We will work on increasing production, especially since such options are now emerging, and then all the additional oil will be sold again," he added.

Sechin also pointed out that the abandonment of Russian oil primarily affects the economies of the countries of the collective West. "Those who refused our oil are now forced to pay a lot of money for electricity," said the head of Rosneft. At the same time, it is in the electricity market that the most sensitive changes are taking place. "In the United States, the average tariff for consumers is 18 cents per kWh, if converted into liquid equivalent, the cost of electricity corresponds to the price of oil at about $ 135 per barrel. In Europe, electricity is even more expensive: from 35 to 45 euro cents. In China, for example, it's 9 cents," Sechin said.