Igor Sechin: Russia and Its Partners Made Largest Contribution to Stabilizing Global Energy Market

Igor Sechin, Chairman of the Verona Eurasian Economic Forum and Chief Executive Officer of Rosneft, has rejected unfounded accusations against Russia of undermining the foundations of the energy market. “Over the past 10 years, it is our country and its partners who have made the greatest contribution to stabilizing the global energy market, often sacrificing their own strategic interests,” Igor Sechin said, speaking at the XVII Verona Eurasian Economic Forum with the report ”Farewell to illusions. World Energy in Thucydides Trap.”

Igor Sechin recalled that in 2016, OPEC's share of the oil market fell to 36%. But Russia, together with its partners, created OPEC+ with a 55% share, which helped stabilize the market and protect the interests of producers. The decisions of OPEC+ have also significantly supported the American shale companies, which, according to the head of Rosneft, had by that time already “blown away more than 300 billion dollars of their shareholders' capital and accumulated debts of almost 200 billion dollars more”. OPEC+ has allowed Americans to pay off debt, increase production, invest in R&D, and turn the U.S. into a leading energy exporter.

According to Igor Sechin, the favorable political environment shall further support the U.S. energy industry. There is a belief in US business circles that the success of Donald Trump's second presidential term requires, inter alia, bringing an additional three million bpd of oil to the market. But those barrels, Igor Sechin noted, could “come out not just from the U.S." - OPEC+ production cuts have created significant spare capacity that could be used for political purposes.

In his report, Igor Sechin emphasized the fallacy of the policy of forcing Russia out of the energy market - this would lead to the collapse of the global economy. The aggregate value of Russia's natural wealth is 100 trillion dollars (almost twice as much as in the United States), which imposes a huge responsibility on our country and ensures the reliability of supplies to foreign partners in the long run. The head of Rosneft noted the special role of the Arctic in the development of Russia's resource potential. 80% of the world's Arctic oil and gas reserves are concentrated in Russian latitudes. “The Arctic should be completely free of conflicts and foreign interference, given the strategic importance of this region for the energy security of the entire Eurasia,” Igor Sechin said.

Rosneft Information Division
Rosneft Oil Company
December 5, 2024