The OPEC+ countries are often accused of market manipulation but not all participants are able to boost production due to sanctions, lack of funds, or pressure from the "climate agenda," CEO of Russia's Rosneft Igor Sechin said on Thursday
VERONA (Pakistan Point News / Sputnik - 28th October, 2021) The OPEC+ countries are often accused of market manipulation but not all participants are able to boost production due to sanctions, lack of funds, or pressure from the "climate agenda," CEO of Russia's Rosneft Igor Sechin said on Thursday.
The Rosneft CEO mentioned at the Eurasian Economic Forum that when discussion about additional oil demand is on then the attention is on the countries that are part of the OPEC+ agreement.
"And almost always there are accusations that the OPEC + countries are manipulating the market, as they overfulfill their obligations. At the same time, a number of OPEC + countries cannot increase production due to unilateral sanctions, and some countries do not have enough investments for this. Also, the implementation of joint projects with international companies is terminated under pressure from climate activists, which forces the majors to reduce investments in oil and gas production, redirecting funds to renewable energy," Sechin said, adding that the climate agenda now influences the global oil and gas market.
