Published on: 2026-06-06
Source: Rosneft – An important disclaimer is at the bottom of this article.
The energy sector is underfinanced, stated Igor Sechin, the Responsible Secretary of the Commission under the President of the Russian Federation on issues of strategy for the development of the fuel and energy complex and environmental safety, speaking at the Energy Panel within the framework of the XXIX St. Petersburg International Economic Forum.
In his report “The Beginning of the End or the End of the Beginning. What Remains at the Bottom of Pandora’s Box,” Sechin noted: “The illusion of accelerated energy production along with ignoring energy security issues in recent years has led to the underfunding of the energy sector.”
He stated that according to the International Energy Agency (IEA), over the last 10 years, investments in fossil fuels have decreased by more than 20%. At the same time, the largest part of this decline occurred in the oil sector, where capital expenditures fell by 35%.
According to Igor Sechin, this reduction is part of a broader trend of decreasing investments in industrial production. He drew attention to the earlier negative dynamic of this trend. “Last year, the volume of announced projects decreased by 8%,” he summarized.
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June 6, 2026
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