Decision by the OPEC+ group of leading global oil producers to speed up production increase now looks far-sighted and justified amid the Middle East conflict, Igor Sechin, head of Russia’s largest oil producer Rosneft, said on Saturday.
Speaking at the St. Petersburg International Economic Forum, Sechin also said there will be no oil glut long-term despite the production rise.
He said that the European Union seeks to reduce Russian oil price cap to $45 in order to improve profitability of its purchases, not to cut Russia’s budget revenues.
(Reporting by Olesya Astakhova and Vladimir Soldatkin; editing by Guy Faulconbridge)