“The first half of the current year was marked by a reduction in oil prices, mainly due to overproduction,” stated Rosneft’s CEO, Igor Sechin, as quoted in the document.
The Russian businessman noted that several countries in the Organization of the Petroleum Exporting Countries (OPEC) “are actively increasing” crude oil extraction, particularly Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait.
“There is also an increase in extraction in Brazil and other countries. According to our estimates and the expectations of major energy agencies, the surplus in the crude oil market in the fourth quarter of 2025 will be 2.6 million barrels per day (mbd) and, in 2026, 2.2 mbd,” he stated.
Sechin also pointed to an increase in discounts on Russian oil due to sanctions imposed by the West and the strengthening of the ruble, which “had a negative impact on the financial results of all exporters.”
