Sechin announced a decrease in the potential of OPEC+ after the withdrawal of a number of countries

The OPEC+ organization has lost some of its potential after the withdrawal of a number of participants. This was stated by Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation on the strategy for the development of the fuel and energy complex and environmental Safety, at the Energy Panel at SPIEF 2026.

"An objective analysis of the situation on the oil market shows that with the withdrawal of the UAE, and before that Qatar, Ecuador and Angola, OPEC+ has lost some of its potential. As a result, the alliance's production has dropped from 58 million barrels per day to 37 million barrels per day over the past ten years," he said.

At the same time, OPEC+ members Iran, Venezuela and Libya are not subject to production restrictions, Sechin recalled. "If we take into account that Iran, Venezuela and Libya initially did not participate in production restrictions, and Iraq and Kazakhstan significantly exceed the established quotas, the production of the member countries of the alliance that comply with the restrictions actually amounts to 27 million barrels per day, less than a third of global production," he said.

Nevertheless, Sechin stressed, Russia strictly fulfilled its obligations to limit production and fully contributed to solving the tasks of the alliance, despite the fact that it has been under sanctions all this time, which have deprived the country of its advantages. "In Russia, during the period of restrictions, oil production decreased by 1.5 million barrels per day. This is a 15% drop, which will have to be compensated by necessary investments in the amount of at least ten trillion rubles," he said.

Sechin also noted that despite the support from the Russian Federation, which major members of the alliance have received, their investment cooperation with Russia has not been developed.