ST. PETERSBURG, June 6. /TASS/. Russia reduced oil production by 1.5 mln barrels per day, or 15%, during the period of OPEC+ restrictions. This decline will have to be offset by investments of at least 10 trillion rubles ($136.15 bln), Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said during a speech at the St. Petersburg International Economic Forum.
"Most major OPEC+ participants increased production during the period of the agreement. In Russia, however, oil production declined by 1.5 mln barrels per day during the restriction period. This is a 15% drop that will need to be compensated through necessary investments amounting to no less than 10 trillion rubles," he said.
Sechin also noted that OPEC+ has lost part of its potential following the withdrawal of several countries, while actual production by member states that genuinely complied with output restrictions amounts to 27 mln barrels per day (bpd), or less than one-third of global oil production.
"An objective analysis of the situation on the oil market shows that after the withdrawal of the United Arab Emirates, and earlier Qatar, Ecuador, and Angola, OPEC+ lost part of its potential. As a result, the alliance’s production over the past 10 years declined from 58 mln bpd to 37 mln bpd," he said.
