In his keynote address at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, Sechin noted that the announced increase in production from May this year is three times higher than the alliance's initial plan. In addition, the entire OPEC+ production growth could be moved forward by a year ahead of schedule.

"The decision made by OPEC leaders to accelerate production growth now appears to be quite forward-looking and, from a market perspective, justified, considering consumer interests amid the uncertainty surrounding the scale of the Iran-Israel conflict," said the company’s head.

At the same time, Igor Sechin, the CEO of Rosneft Oil Company, pointed out that “despite the declared production growth, there can be no talk of a long-term oil surplus on the market,” since “global oil reserves are currently at their lowest levels in the past five year.

"Low oil prices suit U.S. consumers, where the inflation-adjusted gasoline price has already returned to 2019 levels. It is no coincidence that this is happening against the backdrop of the White House's increased Middle East activity and the signing of a number of agreements with key countries in the region," the CEO of Rosneft Oil Company added.