Igor Sechin, the head of the Russian oil giant Rosneft, stated on Saturday that "Russia is losing opportunities in favor of OPEC+ countries because it exports a smaller share of its production than those countries." Sechin, a long-time ally of President Vladimir Putin, noted that "the oil production surge in the United States, which does not belong to the OPEC+ group, has affected the global oil market more than the impact of other oil producers."
In a speech during an economic forum, Sechin mentioned that "some oil-producing OPEC+ countries export up to 90 percent of their production, while Russia only exports half of its production to the global market." He added, "This puts our country in a less advantageous position under the current mechanism for assessing impact and accessing key markets. In this regard, it seems appropriate to monitor oil exports as well, not just production quotas, given the differences in the sizes of local markets."
The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, currently regulates production only, not exports. Amid falling oil prices, OPEC+ countries reached a new agreement on production earlier this month, with Saudi Arabia, the largest producer in the group, pledging a significant reduction in its output starting in July, in addition to broader OPEC+ cuts to limit supply until 2024. OPEC+ countries account for about 40 percent of global oil production, with Rosneft contributing the same share of Russia's oil output.
