The CEO of the Russian oil giant Rosneft has said that the company’s net profit fell by more than 68% to US$3 billion in the first half of 2025 due to low oil prices caused by increased production by Saudi Arabia and other members of the Organisation of the Petroleum Exporting Countries (OPEC).

Source: Reuters

Details: The comments by Igor Sechin, the Head of Russia’s largest oil producer and an ally of Putin, were the first signs of Russian concern over OPEC+'s strategy to accelerate production increases in recent months.

Sechin is known for his sceptical attitude toward cooperation with OPEC. He has argued that the group’s cuts have spurred production growth in the United States, which has become the world’s leading oil producer in recent years.

Sources in the industry say that Russia expressed its concern about the faster-than-planned production increase at OPEC+ meetings, although it ultimately supported these steps.

OPEC+, which includes Russia, has been cutting production for several years to support oil prices.

The group, which produces about half of the world’s oil, has changed course this year in an effort to regain market share. This change was partly influenced by US President Donald Trump’s calls for OPEC to increase production.

Based on data from Rosneft and leading energy agencies, Sechin noted that the global oil market surplus will reach 2.6 million barrels per day in the fourth quarter and will decline to 2.2 million barrels per day in 2026.

Sechin reiterated his criticism of the Central Bank of Russia’s tight monetary policy, which he believes supports a strong rouble.

**Background:**Russia’s Ust-Luga oil export terminal will operate at about 350,000 barrels per day in September, or about half its normal capacity, after Ukrainian drone attacks damaged pipeline infrastructure.

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