Following “contraction of the global and Russian economies, and the resulting oil production cuts under the OPEC+ deal, economic growth will resume both internationally and in Russia,” Vladimir Putin said at a working meeting with Rosneft CEO and Chairman of the Management Board Igor Sechin to discuss the oil and gas company’s operations amid efforts to counter the spread of the coronavirus, as well as the implementation of the OPEC+ deal, presidential web page reports.
As Igor Sechin noted, Rosneft “accounts for about 6% of the global output and fuels Russia’s economic growth, since it accounts for about 8% of the country’s GDP, and 24% of the gross output within the manufacturing sector. The company employs more than 350K highly qualified specialists whose average salary is approximately twice the average pay across the country.”
“As a result of the OPEC+ agreement the company is forced to temporarily cut production,” Sechin said. “Rosneft will continue the policy of responsible deliveries for domestic consumption, which are picking up in this country following a certain decline. Actually, it does not export anything in the second half of the year, and all fuel volumes produced are delivered to the domestic market alone.”