On June 19, Sechin, president of Russian oil company Rosneft, said that Russia is losing out to other OPEC+ countries due to the smaller export share of Russian oil production.
Some experts and analysts previously pointed out that despite the implementation of production cuts, Russia’s oil exports are still relatively high.
Sechin told an economic forum that some OPEC+ countries export as much as 90 percent of their production, while Russia supplies the global market with only half of what it produces.
This puts Russia in a less favorable position under the current mechanisms for assessing the impact and gaining access to key markets.
In this regard, it seems necessary to monitor not only production quotas, but also oil export volumes, given the different sizes of domestic markets.
In addition, he also said that in the next few years, people will face the problem of production capacity, and OPEC countries will no longer be able to meet the growing demand.