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Russian Energy Complex Capable of Fulfilling Contractual Obligations to Partners - Rosneft

© Sputnik / Evgeny Biyatov / Go to the mediabankRussian Rosneft oil company's logo
Russian Rosneft oil company's logo - Sputnik International, 1920, 08.06.2024
ST. PETERSBURG (Sputnik) - There is no doubt that the Russian energy sector is capable of meeting the energy needs of Russian consumers and fulfilling its contractual obligations to partners, Russian oil giant Rosneft CEO Igor Sechin said on Saturday at the St. Petersburg International Economic Forum (SPIEF).
"Nevertheless, I would like to say that we have no doubts about the ability of the Russian energy complex to provide the necessary amount of energy resources for domestic Russian consumers, and nothing will prevent us from fulfilling our contractual obligations to all our partners," Sechin said.
Speaking about the green agenda, Sechin said that its aggressive promotion would mean declaring an energy war on the majority of the world's population and reducing global consumption of fossil fuels would automatically mean exacerbating the problem of hunger and energy poverty.
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He noted that the developing countries of Asia and Africa, where the largest population growth is observed, show a high demand for energy.
"In this situation, reducing global consumption of fossil fuels would automatically mean not only the preservation, but also the aggravation of the problem of hunger and energy poverty ... Therefore, the aggressive promotion of the green agenda means declaring an energy war on the majority of the world's population," the official said.
In addition, Sechin voiced consumers' concerns about the uninterrupted supply of energy and the reliability of technology, as the strategy of "green" transition does not take into account this aspect.
The Rosneft CEO remarked that volatily in the global energy market may also increase due to the uncertainty surrounding the upcoming United States presidential election.
"It can be assumed that volatility will increase due to the uncertainty associated with the prospects of presidential election in the US, where pre-election sentiment depends, among other things, on an increase in the cost of one gallon of gasoline (the average price is $3.6 per gallon, and in some states, such as California, $5.4)," Sechin said.
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The creation of oil reserves by Western and Middle Eastern companies could offset the impact of any voluntary reduction in oil production quotas by OPEC members, the official added.
"The reserve formation observed by both Western and Middle Eastern companies may indicate a major market changes. The presence of such phantom barrels, capable of having a large-scale impact on the market, negates the impact of voluntary reduction of production quotas by the main OPEC participants," Sechin said, noting that this is evident from market prices.
He emphasized that the budgets of most OPEC+ member countries can withstand a decrease in oil prices, which could be partially or completely offset by an increase in supplies.
"For the Russian oil industry, theoretically, a price reduction could mean the possibility of lifting all restrictions on the price ceiling and the revenue part of the approved federal budget is based on $60 per barrel," Sechin added.
The Russian city of St. Petersburg is hosting the 27th edition of SPIEF from June 5-8. Last year, the forum drew 17,000 participants from 130 countries and saw the signing of more than 900 agreements.
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