OPEC+ accounts for around 40% of global oil production, while Rosneft takes the same share of Russia's oil output. In remarks published later on Rosneft's website from Sechin's speech, he said Saudi Arabia is voluntarily cutting oil production, while also increasing production capacity. He said Saudi Arabia may increase the amount of drilling rigs by at least a quarter in the next two years. Speaking at the forum, Sechin also said it was more difficult for OPEC countries to find common ground due to differences in economic structure and oil production. "In coming years, humanity will face the problem of production capacities and OPEC countries will no longer be able to meet the growing demand," he said.

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Persons: Igor Sechin, Vladimir Putin, Sechin, Rosneft, Olesta Astakhova, Vladimir Soldatkin, Louise Heavens, David Holmes Organizations: Russia, Organization of, Petroleum, Thomson Locations: MOSCOW, United States, OPEC, Russia, Saudi Arabia, Saudi