Only some OPEC nations and Russia have potential of long-term oil output growth — Rosneft

Only some OPEC countries and Russia have the potential of long-term growth of oil output as their resource base on new projects is comparable with all promising global production, Chief Executive Officer of Rosneft Igor Sechin said at the St. Petersburg International Economic Forum (SPIEF), Azernews reports, citing TASS.

"Only some OPEC countries, as well as Russia, where the resource base of new projects is comparable with the resource base of all new promising output regions in the world, in fact have the potential of long-term growth of production of liquid hydrocarbons globally," he said.

Meanwhile, Sechin noted that even despite the record crude oil supply of Middle Eastern countries (with Saudi Arabia and UAE boasting reserves for 70 years, Kuwait and Iraq - for around 100 years), the world will face the issue of the shortage of production capacities as early as in coming years. "And OPEC countries will no longer be able to meet the growing demand," he stressed.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is the theme of this year’s forum. TASS is the official information partner of the event.