Sechin suggested that OPEC+ monitor not only production volumes, but also exports, taking into account domestic markets
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The head of the Russian oil company Rosneft, Igor Sechin, proposed monitoring not only production quotas, but also oil export volumes, taking into account the various sizes of domestic markets as part of the OPEC+ deal. He stated this during a speech at the St. Petersburg Economic Forum (SPIEF).
Igor Sechin noted that a number of OPEC+ countries export up to 90% of their oil, while Russia exports about 50%. In her opinion, this puts the country in a less advantageous position within the framework of the current mechanism for assessing influence and access to major markets.
“In this regard, it seems appropriate to monitor not only production quotas, but also oil export volumes, given the different sizes of domestic markets,” Mr. Sechin said (quoted by Reuters). In his opinion, it is increasingly difficult for OPEC+ countries to conclude new agreements due to the difference in economic structures and oil production dynamics.
In June, OPEC+ countries Deal reduce oil production by 1.4 million barrels per day (b / d) from 2024, and extend the deal itself until 2025. Russia has committed to significantly cut oil production – the quota will be reduced by 650,000 bpd to 9.8 million bpd, and a voluntary cut of 500,000 bpd will also remain.
About Igor Sechin’s speech at SPIEF – in material “b”.
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