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Sechin estimates investments for oil output growth in Russia at $136.15 bln

Russia reduced oil production by 1.5 mln barrels per day, or 15%, during the period of OPEC+ restrictions, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO said

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.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

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

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