Sechin: Russia should protect its share on oil market

Rosneft CEO Igor Sechin said that the  U.S. is preparing to increase its oil production, which raises the question about the efficiency of the OPEC+ oil output reduction deal.

He stressed that Russia should protect its share on oil market.

Sechin noted that U.S. analyst data show that the U.S. is preparing 49 new shale oil projects. "The Americans are going to raise their production. Is there any reason for us to cut production if the U.S. companies will replace it and simply take the market share," the Prime news agency cited him as saying.

Still, Rosneft will comply with the deal if it is prolonged, but will discuss possible compensations of losses with the government if the losses emerge, Rosneft CEO said, adding that the company did not plan to delay any projects due to the deal.

"Of course, we have to protect our market share, especially since we have encountered technological problems of Transneft and already have export shortfalls to Western Europe. The situation begs for a decision to protect our oil industry in this competition," Sechin said.