ST. PETERSBURG, June 21. /TASS/. The decision by OPEC+ member states to increase oil production appears both justified and farsighted in light of the ongoing conflict in the Middle East, Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum (SPIEF).
"The announced production increase, starting this May, is three times higher than the alliance’s original plan. Furthermore, the entire projected increase in OPEC+ output may be brought forward by a full year," Sechin said. "The decision by OPEC leaders to accelerate production growth appears today to be highly strategic and market-justified, particularly in consideration of consumer interests amid prevailing uncertainty over the scope of the Iran-Israel conflict," he added.
Since the beginning of 2024, Russia, Saudi Arabia, the UAE, Kuwait, Iraq, Kazakhstan, Oman, and Algeria have voluntarily reduced oil production by a total of 2.2 mln barrels per day. Starting in April 2025, they began gradually reintroducing the curtailed barrels to the market. Moreover, in May, June, and July, OPEC+ countries decided to deviate from the originally approved plan and accelerate production growth by 411,000 barrels per day (excluding compensations) each month.
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.