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Rosneft CEO does not anticipate global oil surplus, reserves at 5-year low

According to him, the decision by OPEC leaders to accelerate oil production now appears to be a prudent and market-justified move that takes into account consumer interests amid the uncertainty surrounding the escalation of the Iran-Israel conflict

ST. PETERSBURG, June 21. /TASS/. Rosneft CEO Igor Sechin does not foresee a surplus of oil on the global market in the long term. Currently, global oil reserves are at their lowest level in the past five years.

"Despite declared increases in production, any talk of a surplus in the oil market over the long term is unfounded. Global oil reserves are presently at their lowest levels in the past five years," he said during his address at the St. Petersburg International Economic Forum (SPIEF).

According to him, the decision by OPEC leaders to accelerate oil production now appears to be a prudent and market-justified move that takes into account consumer interests amid the uncertainty surrounding the escalation of the Iran-Israel conflict.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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