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Rosneft CEO Criticises Russia’s Output Cuts

OIL

Rosneft CEO Igor Sechi said Russia’s oil-output cuts are hampering the development of the nation’s biggest crude producer.

  • “Rosneft has been limiting crude oil production in one way or another since 2017, which prevents the company from fully unleashing its potential,” Sechin said.
  • Despite the criticism, Rosneft is committed to the current output cuts, implemented as part of Russia’s cooperation with OPEC.
  • Rosneft reduced its liquids production in Q2 by 2.2% to 3.9 million barrels a day, compared to Q1.
  • Russia pledged to cut its production from March 2023. It announced a further reduction of 0.5m b/d for August and a tapered 0.3m b/d reduction for September.
Energy BulletsCommodities
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