Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.

Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter.

Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years.

Sechin, a long-time ally of Russian president Vladimir Putin, has expressed scepticism in the past about Russia's collaboration with OPEC. He said that the United States benefited the most from the 2016 deal.

Sechin said that Russia, along with its partners, has helped stabilize the global energy markets.

Sechin stated that "OPEC+'s decisions to stabilize the oil market between 2016 and 2020 have significantly benefited the US shale sector."

Analysts have claimed that the OPEC+'s efforts to balance the global oil market were offset by a sluggish demand for fuel in China, which is the second largest oil consumer in the world, and by an increase of production by non-OPEC nations, like the U.S.

OPEC+ includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia. It pumps about half of the oil in the world.

On Thursday evening, the group will hold an online session to discuss production policies for 2025.

OPEC+ sources said that the group was likely to extend their latest round of oil output cuts by at least 3 months starting in January.

According to U.S. Government data, U.S. Oil Production is expected to grow only 2.3% in this year as shale oil producers continue to focus on shareholder returns while limiting new production spending.

The United States' oil exports grew by 13.5% last year. According to data, they have increased every year except 2021, when COVID-19 slashed global oil demand.

The U.S. Energy Information Administration reported that U.S. crude production led the world in oil production for a six-year period, with a record production of 12,9 million barrels a day. (Reporting and writing by Olesya Astrakhova and Yousef Saba; editing and proofreading by Jason Neely, Jane Merriman and Vladimir Soldatkin)

(source: Reuters)