Published on: 2026-06-06
Source: Rosneft – An important disclaimer is at the bottom of this article.
The OPEC+ organization lost part of its potential after the withdrawal of a number of its participants, stated the Secretary of the Commission under the President of the Russian Federation on issues of the development strategy of the fuel and energy complex and environmental security Igor Sechin at the Energy Panel within the framework of SPIEF-2026.
“An objective analysis of the situation on the oil market shows that with the exit of OPEC, and before that Qatar, Ecuador, and Angola, OPEC+ lost part of its potential. As a result, the alliance’s production over the past ten years has fallen from 58 to 37 million barrels per day,” he said.
At the same time, the restrictions on production do not apply to the members of OPEC+ Iran, Venezuela, and Libya. “If we take into account that Iran, Venezuela, and Libya initially did not participate in the production restrictions, and Iraq and Kazakhstan significantly exceed the established quotas, the production of the alliance member countries that comply with the restrictions actually amounts to 27 million barrels per day, less than a third of global production,” noted Igor Sechin.
Nevertheless, Russia has scrupulously fulfilled the obligations it took upon itself to limit production and fully facilitated the alliance’s task resolution—despite the fact that all this time it has been under sanctions that deprived the country of advantages. “In Russia, during the oil production restriction period, production decreased by 1.5 million barrels per day. This is a 15% decline, which will have to be compensated by necessary investments amounting to no less than ten trillion rubles,” stated Igor Sechin.
He also noted that despite the support from the Russian Federation, which was received by major alliance participants, investment cooperation with our country did not develop.
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PJSC “NK “Rosneft”
6 June 2026
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