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Rosneft CEO Complains About Losing Market Share To OPEC+ Members

Russia is exporting a smaller share of its oil output, losing market share compared to other OPEC+ members.

That’s according to Rosneft’s chief executive Igor Sechin, who spoke at the St. Petersburg International Economic Forum this weekend, saying some OPEC+ members were exporting up to 90% of their oil output while for Russia, the share was some 50% of the total, Reuters reported.

"That puts our country in a less advantageous position under the current mechanism for assessing the impact and access to key markets," Sechin said.

"In this regard, it seems appropriate to monitor not only production quotas, but also oil export volumes, given the different sizes of domestic markets."

Russia’s oil exports temporarily declined amid the sanction push of Western governments but earlier this year recovered to pre-war levels, with only the destination—and the price—different.

China and India imported record volumes of Russian oil in May, which reduced their imports of oil from other sources such as the Middle East and Africa, Reuters reported earlier this month. In other words, China and India bought less oil from Russia’s OPEC+ partners than they bought from it.

Yet Rosneft’s Sechin seems to want to export even more. Indeed, Rosneft accounts for about 40% of Russia’s total oil production and is its largest single producer.

At the forum, the top Rosneft executive also sounded the alarm on future crude oil supply. "In coming years, humanity will face the problem of production capacities and OPEC countries will no longer be able to meet the growing demand," Sechin said, noting Saudi Arabia’s plans to boost production capacity by 2 million bpd by between 2025 and 2027.

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Saudi Arabia has also warned, repeatedly, that OPEC—and therefore the world—were running out of spare oil production capacity that would jeopardize future supply.

By Irina Slav for Oilprice.com

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  • Mamdouh Salameh on June 19 2023 said:
    Even with hundreds of billions of dollars of investments annually in oil exploration and capacity expansion, the world will still face serious shortages within this very decade.

    The last three barrels of oil will come from three regions: the Gulf region, Venezuela’s Orinoco Belt and Russia’s Arctic. Still, they won’t be able to satisfy global oil demand forcing prices to hit unheard of levels with prices of $200-$300 a barrel considered a bargain.

    The situation will be further exacerbated by the impotency of renewables to help satisfy global electricity demand. Current slogans of energy transition and net-zero emissions will be exposed to be the illusions they are.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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