Category: Energy Sector

Source: Independent Petroleum Association of America

Headline: IPAA Welcomes Abigail Miller as Vice President of Communications and Strategy

Source: Rosneft

Headline: Igor Sechin Presented the Keynote Report at the SPIEF-2026 Energy Panel

The Energy Panel was held within the framework of the XXIX St. Petersburg International Economic Forum. Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security Igor Sechin presented the keynote report “The Beginning of the End or the End of the Beginning: What’s left at the Bottom of Pandora’s Box?”.

During the speech, a comprehensive analysis of the current situation in global energy markets and the global economy as a whole was presented, as well as a forecast for the development of the industry against the backdrop of growing systemic risks.

The moderator of the discussion, renowned American journalist and RT TV channel host Rick Sanchez, noted that Igor Sechin’s speeches at SPIEF are invariably distinguished by the depth of expert assessments, the boldness of forecasts, uncompromising nature, and unwavering reliance on fundamental analysis. According to him, Igor Ivanovich’s reports rightfully become the subject of the closest attention from the international industry community, leading mass media, and a wide range of professionals on both sides of the Atlantic.

PANDORA’S BOX IS OPENED

Opening the Energy Panel, Sechin drew a parallel between the development of the global economy and the ancient Greek myth of Pandora’s box, which brought disasters and suffering to humanity. According to him, the so-called “rules-based order,” where “rules” were dictated by an unquestionable hegemon, has completely collapsed. “An attempt is in evidence to replace the global legal system with the legal system of one country,” stated Sechin, noting that such international institutions as the UN, WTO, IMF, and the World Bank have turned into “zombies.” At the same time, new leaders have come to the forefront: now the global economy is an absolute hostage to political decisions that are made in the interests of large corporations – mainly technological, military, and financial. It is they who have formed a closed circle of beneficiaries.

“Along with such tools of influence as pandemics, disruption of supply chains, sanctions, embargoes, interference with internal affairs, political provocations, economic strangulation, hijacking of ships, blow-ups of pipelines, orchestration of coups d’état, etc., the use of armed forces has been added,” told Sechin.

He stated: ” Pandora’s Box opened and the troubles and misfortunes that escaped from it will not go back. The key question is what problems are still left at the bottom of Pandora’s Box. What else do we have to face?”.

According to Igor Ivanovich, the rapid growth of sanctions pressure causes particular concern. The speaker announced that over the past 12 years, 32 thousand sanctions have been introduced against Russia, with the leadership belonging to the US (more than 7,400 restrictions). Russian foreign exchange reserves worth over 300 billion dollars were effectively confiscated and are being used to finance military actions against our country.

Sanctions pressure has become the norm and turned into an instrument of coercion. Sechin recalled how back in 2007 in his famous Munich speech, the President of Russia warned: “Independent legal norms are, as a matter of fact, coming increasingly closer to one state’s legal system. One state and, of course, first and foremost the United States, has overstepped its national borders in every way. This is visible in the economic, political, cultural and educational policies it imposes on other nations.”

THE WORLD ON THE VERGE OF A FOOD CRISIS

Significant attention in the report was paid to the consequences of the conflict in the Middle East. The blockade of the Strait of Hormuz, in addition to oil and gas, created serious risks for the export of other goods, for example, fertilizers. In just the first four months of 2026, prices for fertilizers soared by almost 60%, which will inevitably lead to a jump in food prices in the next six months. The most vulnerable turned out to be India, the countries of Africa, and Southeast Asia.

Igor Sechin also warned that other “bottlenecks” of global logistics may also be under threat — the Straits of Malacca, Bab-el-Mandeb, and Gibraltar, the Suez and Panama canals. Under these conditions, the Arctic acquires special significance: the Northern Sea Route allows for reducing cargo delivery times by one and a half to two times and lowering costs by 20-30%.

GROWTH OF FICTITIOUS CAPITAL

The global economy has entered a zone not just of volatility, but of strategic risks. Problems are snowballing. The Head of Rosneft drew attention to the hypertrophied growth of fictitious capital, the volume of which exceeded 500 trillion dollars — almost five times more than global GDP. Global debt has effectively doubled over the past 15 years. According to the estimate of the International Monetary Fund, by the end of the current year, the total national debt of Japan will reach almost 205% of GDP, the US – almost 130%, France – 120%, the UK – 105%. This phenomenon has not bypassed our financial system either – in Russia, this indicator is already approaching 100% of GDP, noted Sechin.

The debt of most countries today is not backed by real financial assets, believes Igor Sechin. Even the physical gold located in US vaults (and this is more than 14 thousand tons) covers only five percent of the 39 trillion dollars of American debt. At the same time, a significant part of the gold stored in America does not belong to it – more than 40% of these reserves were transferred from other countries for safekeeping.

The situation is worsened by the use of the dollar as a sanctions instrument. Sechin believes that if this continues, the process of creating alternatives will accelerate. “The growth of the US government debt and budget deficit, the weakening of the dollar have already led to significant changes in the reserves of global central banks. For the first time since 1996, the share of gold in their reserves has approached 30%, exceeding the share of US Treasury bonds,” he told. ” I should note that the share of gold in the Bank of Russia’s reserves is growing at an accelerated pace: over the past four years, it has increased from 21% to 45%. However, if this process had begun earlier, Russia would have been able to profit from the rise in gold prices by over $400 billion and would have preserved a significant portion of its reserves,” emphasized Igor Sechin.

Due to sanctions, payment instruments are diversifying. “Over the past five years, the scope of transactions conducted through China’s Cross-Border Interbank Payment System has more than tripled, reaching nearly one trillion yuan per day.  The Hormuz crisis significantly accelerated this process,” noted the speaker.

MILITARIZATION OF THE WORLD

A separate place in the report Sechin devoted to the problem of the militarization of the world. According to him, global military spending has been continuously growing over the past 11 years. In Europe, Germany stands out, whose military spending over the past three years has doubled – to 114 billion dollars. He stated that Germany has begun transitioning its economy to a war footing.

“Berlin’s bid to host the 2036 Olympics became the peak of cynicism. Apparently, there is a desire to celebrate the centenary of the previous Berlin Olympics, conceived as a large-scale propaganda project to showcase the achievements of the Hitler regime,” ironizes Igor Sechin. According to him, a simple chain has formed: political pressure leads to an increase in budget expenditures, which push up the market capitalization of a tightly intertwined triad: respectively, the military-industrial complex, high-tech corporations, and the financial sector. “It is this triad that draws a significant share of global investment resources,” believes the speaker.

HIGH-TECH BUBBLE

Along with the military-industrial complex, the technology sector also attracts massive investments, told Sechin. This year alone, the four largest technology companies will direct about 700 billion towards the development of computing capacity.

“Today, artificial intelligence-related companies are actually consuming a significant portion of investment resources, to the detriment of the rest of the economy. The share of capital expenditures of the American tech sector in total investment has already reached a record 35%. Just 15 years ago, it was measured in a few percent,” told Sechin.

” Clearly, the world is on the brink of the largest financial market bubble in history since the US railroad boom of the 19th century,” stated Igor Sechin.

At the same time, the main generator and beneficiary of the approaching crisis is the financial sector of Western countries, which only yesterday was promoting a completely different – “green” – agenda: Blackrock, Vanguard, State Street. “The circle has closed,” added Sechin. Significant growth in labor productivity is expected from artificial intelligence, but the numbers demonstrate a different situation. As Sechin told, about 70% of companies worldwide actively use artificial intelligence in their work. However, in 90% of cases over the past three years, the application of these technologies has had no effect on labor productivity.

He recalled that this phenomenon was described 40 years ago by Nobel laureate in economics Robert Solow. His statement reads, “you can see the computer age everywhere except in productivity statistics.” The Solow paradox is that in the US in the seventies and eighties of the last century, labor productivity growth slowed by two percentage points, to 1%, despite a nearly 100-fold increase in computing power.

New technologies form a transition to a new socio-economic order – we are talking about fundamental changes in the development of the entire society, when robots replace people. “Demographics and a human being as a personality could lose their significance in the face of an army of machines if we just passively watch. We must clearly understand what kind of genie we’re letting out of the lamp,” warned Sechin.

He noted that religious authorities are already talking about the risks associated with artificial intelligence. In particular, it was exactly this topic that the first encyclical ” Magnifica humanitas” by Pope Leo XIV was dedicated to, literally calling that “AI must serve humanity not concentrate power”

ENERGY TRANSITION AND RESOURCE DEFICIT

Illusions of an accelerated energy transition have led to the underfunding of the industry: over the past 10 years, investments in fossil fuels have decreased by more than 20%. At the same time, a new energy market model “from molecules to electrons” is forming, the key element of which is data centers. According to forecasts, in the next five years, global demand for data center capacity could nearly triple — up to 220 gigawatts.

By 2035, global electricity demand will increase by almost 40%. Already today, data centers consume about 500 terawatt-hours per year, which exceeds the total electricity consumption of France. At the same time, the unbalanced development of “green” energy has led to an increase in electricity prices: in the US over the past 5 years — by more than 30%, in Europe — by 35-45%.

Power grids remain the key constraint: the need for their expansion and modernization will reach 60 million kilometers by 2035. Total investments in power grids in the next 25 years could amount to almost 16 trillion dollars.

Metals are also critically important for the development of a new type of energy system. Copper – the key metal of the “new” economy – is of particular importance. According to forecasts, copper consumption in power grids could grow by 65% by 2040 and exceed seven million tons, which is equal to a quarter of all consumption of this metal at the moment. At the same time, in the next 20 years, it will be necessary to mine a volume of copper comparable to production over the previous ten thousand years.

Access to water is becoming an additional constraint: in the US, a 100-megawatt data center requires about two million liters of water per day. “This is equal to the consumption of 6,500 households. By 2030 water consumption by data centers could nearly double,” told Igor Sechin.

CHINA: AN EXAMPLE OF A BALANCED APPROACH

A separate place in the report was devoted to the experience of China. ” In recent decades, China demonstrated not only economic success but also remarkable science and technology advances, enabling it to become a global energy power,” stated Sechin.

Moreover, China turned out to be the most prepared for the Hormuz crisis and the rise in fuel prices – thanks to its balanced approach to ensuring energy security.

China has created cheap urban and intercity transport infrastructure for the domestic consumer. Sechin noted that after the blockade of the Strait of Hormuz, this allowed motor fuel consumers to painlessly use available alternatives, such as electric cars, electric buses, gas trucks, the subway, electric trains, and electric taxis.

In addition, China has a tangible competitive advantage in electricity prices: it is about 9 cents per kilowatt-hour for industry (72% lower than in Germany, and 59% lower than in France) and about 7 cents per kilowatt-hour for the population (58% lower than in the US). ” Only Russia stands at a similar level,” added Igor Sechin.

Over 10 years, solar and wind energy generation in China has grown 10 times — to 2,300 terawatt-hours (22% of the country’s energy balance). At the same time, the country continues the construction of thermal power plants: last year alone, 78 gigawatts of coal generation were put into operation. China is also implementing the largest program for the development of nuclear generation: 39 reactors are being built — more than half of all nuclear power plants under construction in the world. Energy storage plays an important role in ensuring the flexibility of the energy system – China also leads in this sector. In parallel, China leads in investments in power grids, investing about 100 billion dollars in this sector.

INDIA AS A DRIVER OF DEMAND GROWTH

In his report, Sechin also separately highlighted India. “Today, India’s economy is one of the key drivers of global energy consumption growth. According to the International Energy Agency’s projections, over the next 10 years, this country will account for about 15% of the global increase in electricity demand. By 2035, consumption in India is expected to grow by 80% to nearly 3,000 terawatt-hours, making it nearly equal to that of the European Union,” he told.

A special place, according to Sechin, is also occupied by India in the oil market: “over the next 10 years, the country will account for approximately half of global oil demand growth.” According to the estimate of the International Energy Agency, by 2035 oil consumption in India will reach nearly eight million barrels per day. This is a growth of 44%, while global demand will grow by only 5%.

OPEC+: LOST POTENTIAL

Special attention in the report was paid to the situation in OPEC+, which, according to Igor Sechin’s assessment, has undergone significant changes. With the exit of the United Arab Emirates, and prior to that Qatar, Ecuador, and Angola, ” OPEC+ has lost part of its potential.” Over the past ten years, OPEC+ production has decreased from 58 to 37 million barrels per day.

As the head of Rosneft noted, if we take into account that Iran, Venezuela, and Libya initially did not participate in the production restrictions, and Iraq and Kazakhstan significantly exceed the established quotas, then the production of the alliance member countries that comply with the restrictions actually amounts to 27 million barrels per day — less than a third of global production.

At the same time, Russia, having taken upon itself obligations to limit production, strictly fulfilled them and fully contributed to solving the alliance’s tasks. However, the Russian oil industry has all this time been under sanctions that deprived the country of advantages that other participants received. As Igor Sechin emphasized, most major OPEC+ participants increased production during the period of the agreement. In Russia, however, over the period of restrictions, oil production decreased by 1.5 million barrels per day — a drop of 15%, which will have to be compensated for by necessary investments in the amount of at least 10 trillion rubles.

Particular concern, according to the speaker, is caused by the fact that, despite the support received by major participants in the alliance, their investment cooperation with Russia has not been developed.

RUSSIA — GUARANTOR OF GLOBAL ENERGY SECURITY

Igor Sechin emphasized that Russia cannot be excluded from global supply chains. Our country possesses the world’s largest oil and gas reserves in the amount of about 60 billion tons of oil equivalent (14% of global reserves). Russian oil supplies bring a tangible economic effect to partners: since April 2022, its combined value for China and India has exceeded 40 billion dollars.

At the same time, the Russian oil and gas industry is affected not only by external restrictions but also by unfavorable macroeconomic conditions. The current level of interest rates leads to a significant increase in debt servicing costs, and the strengthening of the national currency, according to calculations by the Russian Academy of Sciences, led to losses of the federal budget of more than two trillion rubles last year alone.

WHAT’S LEFT AT THE BOTTOM OF PANDORA’S BOX?

Concluding the report, Igor Sechin answered the key question of his speech: at the bottom of Pandora’s box, humanity will inevitably discover a global shortage of electricity, a shortage of food, a shortage of copper and other metals, and a water shortage. It is these challenges that will determine the new face of the global economy.

” Those that are best prepared for this will survive. This will be, in essence, “the end of the beginning”, when empty hopes, illusions and salvatory chimeras will disappear forever,” noted the head of Rosneft. “The real end of the systemic crisis and the formation of a new normality are still very far away. Not everyone will see it come.”

REPORT OF EXECUTIVE SECRETARY OF THE RUSSIAN FEDERATION PRESIDENTIAL COMMISSION FOR STRATEGIC DEVELOPMENT OF THE FUEL AND ENERGY SECTOR AND ENVIRONMENTAL SECURITY I.I. SECHIN AT THE SPIEF ENERGY PANEL

PRESENTATION TO THE REPORT OF I.I. SECHIN AT THE SPIEF ENERGY PANEL

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026

Source: Rosneft

Headline: Energy Panel Participants Discussed the Prospects for Oil Prices for the Coming Year

The Energy Panel, organized within the framework of SPIEF-2026, concluded with the traditional forecast of oil prices for the coming year from its participants. This year, the forecast was presented by Igor Sechin, Minister of Energy of the Republic of Uzbekistan Jurabek Mirzamahmudov, former head of the International Energy Agency (IEA) Nobuo Tanaka, and President of the TOFS Group of Companies David Gadzhimirzaev.

According to Sechin, the determining factor for the medium-term dynamics of the market is the current situation in the Strait of Hormuz. “If you tell me exactly how long the crisis in the Strait of Hormuz will last, then it will be easier for us to determine the level of impact of the dropout of 16 million barrels per day on the price,” he stated.

In his opinion, “if the lifting of restrictions (associated with the conflict in the Strait of Hormuz – ed.) happens now, then, perhaps, by the end of the year the average price will reach the level of 95 and 96 dollars per barrel.”

“It will take about six months to restore positive dynamics. And then in a year we will observe about 80-85 dollars per barrel. Because restoring supplies alone requires significant time and investments. Thus, by the second half of 2027, it will probably be possible to talk about a return to the fundamental indicators of the market. It seems to me this will be a more objective approach to pricing issues,” said Igor Sechin.

At the same time, he also voiced expectations under another scenario of events – in case if new sanctions are yet again imposed on Russian oil. “If 7 million of Russian oil exports are added to the 16 million barrels of already restricted volume, then another 100 dollars will be added to the level of 150-160,” stated Sechin.

However, the authors of the new sanctions proposals must understand, believes Igor Ivanovich, that out of the specified volume of 7 million barrels, Russia will nevertheless retain a significant part of the exports.

“And their plan is unlikely to be implemented the way they would like. The increased price level will compensate for the shortfall of sanctioned volumes. Therefore, one probably shouldn’t step on a rake here, because it can cause you damage,” said Sechin.

“There are a lot of risks. And given that political decisions are beginning to shape fundamental indicators – anything is possible. But we are ready for this. And I think that we will compensate for a significant part of those restrictions that may be introduced. At the same time, what will be the cost of petroleum products at gas stations in California? That also remains to be seen,” he summarized, answering to the question.

In turn, the former head of the IEA and recognized energy expert Nobuo Tanaka believes that due to a lack of supply, the price of oil in the coming months will most likely be very high. “And I think that it could reach a historical level – more than 170 dollars per barrel, and even higher, before it starts to decline. This is a very, very serious situation. And I believe that Russia will become a very important player in the context of increasing supply,” noted Mr. Tanaka.

Minister of Energy of Uzbekistan Jurabek Mirzamahmudov in his answer noted the necessity of forming a stable and predictable price. Answering the corresponding question, he did not rule out a return of quotes in the future to the level of 60 dollars per barrel. David Gadzhimirzaev also noted the difficulty in forecasting exact figures. According to him, the world’s largest banks, based on the Middle East crisis, predict a variation from 78 to 90 dollars per barrel, and taking into account various shocks, the forecast is 60–70 dollars. At the same time, he emphasized that the price should not fall below 60 dollars per barrel.

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026

Source: Rosneft

Headline: The Future of Global Energy Was Discussed at the SPIEF Energy Panel

Leading industry experts, politicians, and heads of major international energy companies discussed the current challenges and prospects for the development of the global energy market at the Energy Panel of the XXIX St. Petersburg International Economic Forum.

The discussion took place after the keynote report by Igor Sechin, Executive Secretary of the Commission under the President of Russia for Strategic Development of the Fuel and Energy Sector and Environmental Security, titled “The Beginning of the End or the End of the Beginning: What’s left at the Bottom of Pandora’s Box?”.

The speakers highly appreciated the presented analysis: the report was called brilliant, deep, and uncompromising, and its informativeness and comprehensive nature were noted. The discussion participants repeatedly referred to the theses and facts presented in the report, using them as a basis for their own speeches and further discussion.

The event was attended by Ricardo Menéndez, Vice President for Planning of the Bolivarian Republic of Venezuela; Karim Badawi, Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt; Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan; Nobuo Tanaka, longtime Head of the International Energy Agency; David Gadzhimirzaev, President of the TOFS Group of Companies; as well as representative delegations from China, India, and other countries.

ENERGY SECURITY REQUIRES COLLECTIVE ACTION 

Speaking to the discussion participants, Ricardo Menéndez, Vice President for Planning of the Bolivarian Republic of Venezuela, stated that respect is of paramount importance for the development of the energy industry and the formation of balance in the world. He noted that Venezuela is facing not just sanctions, but serious aggression, which caused a dramatic drop in hydrocarbon production in the country and, as a consequence, a decrease in revenues

“From 56 billion in revenues from the oil industry, we went to 700. That is, we lost 99% of oil revenues. This places the country before a very difficult choice. We need to ensure the social protection of the population, maintain logistical links, and social services,” emphasized Menéndez.

Venezuela, according to him, is developing a new plan for reforming the government structure based on democratic principles. “Technology, productive diversification, and sovereignty are the keys to the transformative processes that are currently taking place on the territory of our country,” the Vice President added.

As noted in Igor Sechin’s report, sanctions pressure in the world has become the norm, and trade barriers have ceased to be an exceptional measure. Over the past four years, the application of restrictions has grown manifold, and the volume of global commodity imports subject to various restrictions has reached almost three trillion dollars.

THE HORMUZ CRISIS IS A HISTORICAL SHOCK

Nobuo Tanaka, longtime Head of the International Energy Agency, called the blockade of the Strait of Hormuz the “fourth oil shock,” the consequences of which are much more serious than all previous ones.

“2 billion barrels pass through there. Compensating for these volumes by releasing strategic reserves is simply impossible. These consequences are much higher than the previous oil shocks we have faced before. This is a historically large-scale shock,” stated Tanaka.

He emphasized that no single country can achieve energy security alone—it must be of a collective nature. At the same time, according to the expert, all countries today are trying to diversify energy sources so as not to be limited to the Middle East.

“Many in Asia have now turned to Russian oil. Russia in this context is a very stable and reliable partner and supplier of energy resources,” noted Tanaka, expressing hope that Russia and the IEA will play an important role in stabilizing the oil market.

In his report, Igor Sechin dwelled in detail on the consequences of the Hormuz crisis, noting that the blockade of the strait became an attempt to change the regulation of the global energy market in the interests of the US, but it hit the entire world. Western countries are experiencing a double price shock: electricity has been joined by the rising cost of motor fuel, prices for which in the US have grown by more than 50%, and in Europe—exceeded 20%.

NUCLEAR ENERGY AND REGIONAL COOPERATION

Minister of Energy of the Republic of Uzbekistan Jurabek Mirzamahmudov noted that Russia is a strategic partner of his country. Cooperation is carried out both in the field of supplying oil and gas raw materials and petroleum products, and in the field of personnel training—12 branches of leading Russian technical universities operate in Uzbekistan.

“You noted the development of nuclear energy for the long term. Being fifth in the world in uranium mining, it would be a sin (for Uzbekistan – ed.) not to use this resource,” noted the Minister, addressing Igor Sechin. He added that coal will also remain part of the country’s energy balance, however, it will replace old blocks with more modern and environmentally friendly ones.

Special attention, according to Mirzamahmudov, must be paid to the development of power grids. “Absolutely, without them the integration of renewable energy and capacity balancing is impossible,” he emphasized, also noting the importance of regional interaction within the framework of the unified energy ring of Central Asia.

Igor Sechin emphasized in his report that power grids and energy storage remain the key constraint on the development of the energy system. The need to expand and modernize networks will reach 60 million kilometers by 2035, and total investments in power grids in the next 25 years could amount to almost 16 trillion dollars.

EGYPT AS A REGIONAL HUB

Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt Karim Badawi thanked Igor Sechin for the invitation to the Energy Panel and noted the strong partnership relations between Egypt and Russia, which have lasted for many decades.

“Egypt today is not going to compete with Russia in terms of gas production volume. However, Egypt would like to concentrate its efforts on acting as a regional hub <...> to extract the maximum effect from Egypt’s geographical location,” stated Badawi.

He emphasized that Egypt strives for a balance between the use of natural gas and renewable energy sources, which should provide about 42% in the country’s energy mix by 2030. “Egypt understands that it cannot cope alone, because the requirements in the field of energy are extremely large. We need to establish partnerships with other countries, the private sector, and technology companies,” the Minister summarized.

In his report, Igor Sechin noted that the Hormuz crisis created risks not only for the oil and gas market, but also for the global food complex. Supply disruptions of fertilizers, a significant volume of whose exports passes through the strait, increase the risk of a global food crisis. Prices for fertilizers soared by almost 60% in the first four months of the year, which will inevitably lead to a jump in food prices.

TECHNOLOGICAL SOVEREIGNTY AND INVESTMENTS

President of the TOFS Group of Companies David Gadzhimirzaev, speaking at the panel, noted that Russia is successfully responding to current challenges in drilling and production.

“In Russia, 90% of all oil producing companies are domestic. In the world—only 20% are local companies. If we compare 2022 and 2025 in terms of technology localization, in 2022 localization was 35%. To date, localization exceeds 70%,” stated Gadzhimirzaev.

He emphasized that compared to last year, the level of production drilling fell by 3%, but horizontal drilling grew by 4%. “This suggests that the country has learned to drill complex wells, extended wells, and for this we have all the technologies in our country,” he emphasized.

Speaking about long-term investments in R&D, Gadzhimirzaev noted a chronic shortage of funds in this area. “This is a very complex element that requires support not only from the oilfield service, science, and the subsoil user, but also huge support from the state,” he said.

Igor Sechin in his report also drew attention to the problem of underfunding of the industry. Over the past 10 years, investments in fossil fuels have decreased by more than 20%, with the bulk of the drop falling on the oil sector, where capital expenditures fell by 35%. This decline is part of a broader trend of reducing investments in industrial production.

The topic of the lack of funding was covered in detail in Igor Sechin’s report. He noted that the Russian oil and gas industry is negatively affected not only by external restrictions but also by unfavorable macroeconomic conditions: the current level of interest rates leads to a significant increase in debt servicing costs, worsening the financial stability of companies; the inexplicable mechanism of forming the ruble exchange rate reduces the revenues of exporters and the federal budget—according to calculations by the Russian Academy of Sciences, budget losses from the strengthening of the national currency last year alone exceeded 2 trillion rubles; in addition, pressure on the industry is exerted by the growth of natural monopoly tariffs outstripping inflation.

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026

Source: Rosneft

Headline: Energy industry underfunded – Igor Sechin

The energy industry is underfunded, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security, speaking at the Energy Panel during the XXIX St. Petersburg International Economic Forum.

In his report “The Beginning of the End or the End of the Beginning. What’s left at the Bottom of Pandora’s Box,” Sechin noted: “The illusion of an accelerated energy transition, along with the ignoring of energy security issues, has led to the underfunding of the energy industry in recent years.”

He shared that, according to the estimate of the International Energy Agency (IEA), investments in fossil fuels have decreased by more than 20% over the past 10 years. At the same time, the majority of this drop fell on the oil sector, where capital expenditures fell by 35%.

According to Igor Sechin, this decline is part of a broader trend of reducing investments in industrial production. He drew attention to the persistence of the negative dynamics of this trend. “Last year, the volume of announced projects decreased by 8%,” he summarized.

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026

Source: Rosneft

Headline: Sechin: Russia could have earned over 400 billion dollars had it started increasing the share of gold in its reserves earlier

Russia could have earned over 400 billion dollars if it had started increasing the share of gold in its reserves earlier, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security, speaking at the Energy Panel during the XXIX St. Petersburg International Economic Forum.

“The share of gold in the reserves of the Bank of Russia is growing at an outstripping pace: over the past four years, it has increased from 21% to 45%. However, if this process had started earlier, Russia could have earned more than 400 billion dollars on the rise in the price of gold and preserved a significant part of its reserves,” said Sechin.

He noted that the share of gold in the reserves of global central banks has exceeded the share of US Treasury bonds. The reason for this, according to Sechin, is the growth of the US national debt and budget deficit, which has led to significant changes in the structure of the reserves of global central banks.

“For the first time since 1996, the share of gold in their reserves has approached 30% and exceeded the share of US Treasury bonds,” said Sechin.

At the same time, according to Igor Sechin, payment instruments are diversifying due to sanctions. A transformation of the payment infrastructure is taking place — the role of alternative payment systems is growing. “Over the past five years, the volume of transactions made using China’s Cross-Border Interbank Payment System (CIPS) has more than tripled — to almost one trillion yuan per day. The Hormuz crisis has significantly accelerated this process,” he added.

“If the use of the dollar as a sanctions instrument continues, the process of creating alternatives will accelerate,” concluded Igor Sechin.

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026

Source: Agnico Eagle Mines

Stock Symbol: AEM (NYSE and TSX)

TORONTO, June 4, 2026 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”) announced today that it has updated its early warning report in respect of Prism Resources Inc. (“Prism”) in connection with Agnico Eagle entering into a royalty purchase agreement (the “Royalty Purchase Agreement”) with Prism, pursuant to which Agnico Eagle has agreed to purchase Prism’s right, title and interest in and to a 7.5% net profit interest royalty (the “Royalty”) over certain properties in the Porcupine Mining District of Ontario owned by Agnico Eagle in exchange for $5,000,000 in cash (the “Transaction”).

The Transaction is subject to a number of customary closing conditions, including approval by Prism’s shareholders and receipt of acceptance of the TSX Venture Exchange. Subject to satisfaction of the closing conditions, the Transaction is expected to close in the third quarter of 2026.

Agnico Eagle is not acquiring any common shares (“Common Shares”) or other securities in the capital of Prism in connection with the Transaction. Immediately before and after the execution and delivery of the Royalty Purchase Agreement, Agnico Eagle owned 5,750,000 Common Shares, representing approximately 11.07% of the issued and outstanding Common Shares on a non-diluted basis.

The Transaction is expected to result in the sale or transfer of a material amount Prism’s assets and may result in a material change in Prism’s business. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of Prism or dispose of some or all of the Common Shares or other securities of Prism that it owns at such time.

An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario  M5C 2Y7
Telephone: 416-947-1212
Email: investor.relations@agnicoeagle.com

Agnico Eagle’s head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Prism’s head office is located at Suite 1500 – 1055 West Georgia Street, Vancouver, British Columbia, V6E 4N7.

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada’s largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. Agnico Eagle is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Forward-Looking Statements

The information in this news release has been prepared as at June 4, 2026. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “may”, “will” or similar terms.

Forward-looking statements in this news release include, without limitation, statements relating to Agnico Eagle’s proposed acquisition of the Royalty and Agnico Eagle’s acquisition or disposition of securities of Prism in the future.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

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SOURCE Agnico Eagle Mines Limited

Source: Independent Petroleum Association of America

Headline: U.S. House Passes Key Public Lands Energy Permitting Bill

Jun 2, 2026 U.S. House Passes Key Public Lands Energy Permitting Bill

WASHINGTON — In an overwhelmingly bipartisan vote, the U.S. House of Representatives today passed a bill to support federal employees working on oil and natural gas approvals in Bureau of Land Management offices across the West. The Independent Petroleum Association of America, or IPAA, and Western Energy Alliance today applauded the leadership of Rep. Mike Kennedy, R-Utah, for sponsoring the License to Drill Act, H.R. 7831, which reauthorizes the bipartisan Permit Processing Improvement Fund (PPIF) and funds BLM field offices overseeing leasing, permitting and production. The program is set to expire in September if Congress does not get a bill to President Donald Trump in time.

“H.R. 7831 reauthorizes a longstanding policy that is an important framework for federal land producers. IPAA has championed this concept since its origins in the Energy Policy Act of 2005 and proudly testified in support of the bill during its committee hearing earlier this year,” said Dan Naatz, IPAA executive vice president and chief policy officer. “The PPIF program has garnered bipartisan support in both the House and Senate in previous reauthorizations because the concept is sound — industry pays its own way. Extending the program preserves an industry-funded permitting system with a fee that is indexed to inflation, designed to improve agency resources, and reduce permitting delays. We applaud Rep. Kennedy’s leadership and look to the Senate to follow suit.”

“The Permit Processing Improvement Fund is 100% paid for by fees on oil and natural gas drilling permits. It’s a balanced approach that Congress created to develop energy resources on public lands while supporting the federal employees who manage the process. Their roles are important because 10% of the oil and natural gas produced in the United States comes from BLM public lands,” said Melissa Simpson, president of the Alliance. “Republicans and Democrats in Congress may not agree on much at the moment, but there’s strong agreement on extending support for the federal employees who perform the daily work that goes into managing oil and natural gas production. We’re thankful for the leadership of Rep. Kennedy in moving a bill critical to producing the oil and natural gas our country needs and gaining strong bipartisan support.”

 

Background

 

The Permit Processing Improvement Fund was created in the Energy Policy Act of 2005 as a pilot program. Following 10 years of success, Congress renewed it for an additional 10 years and expanded the program. Authorization to use drilling permit fees to fund portions of the PPIF expires in September.

Congress prioritized funding for high-volume BLM offices to support federal and tribal oil and natural gas activities. The offices are in Colorado, Montana, North Dakota, New Mexico, Utah and Wyoming. The PPIF supports BLM staff working on approvals for oil and natural gas activities, including permits, rights of way, environmental analysis, sundry notices and surface use plans. The money is also used for interagency coordination with other federal agencies, staff hiring and training.

 

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Source: American Clean Power Association (ACP)

Headline: REPORT: Clean Power Capacity Grows to Power 80 Million Homes in Q1, Despite Slowdown in the Wind Sector 

Cumulative clean power capacity hit 370 GW in Q1 2026, enough to power nearly 80 million homes.   

The pipeline for clean power projects rose by 6% compared to Q1 2025, driven primarily by a 13% growth in the solar pipeline and 8% growth in the battery storage pipeline. 

Due to ongoing federal delays, the pipeline for land-based wind has stagnated, and offshore wind has plummeted by 35%. 

WASHINGTON, D.C., June 2, 2026 – The American Clean Power Association (ACP) released its Q1 2026 Clean Power Quarterly Market Report today, showcasing continued steady development in the solar and storage sectors, along with a slowing pipeline for wind projects due to ongoing federal pushback and delays.  
Developers brought 6.4 gigawatts (GW) of new utility-scale solar, wind, and energy storage online in Q1 2026 — pushing the cumulative clean power capacity in the US to over 370 GW. That’s enough electricity to power nearly 80 million homes across the country. 
The pipeline for clean power projects rose by 6% compared to Q1 2025, driven primarily by a 13% growth in the solar pipeline and 8% growth in the battery storage pipeline. In contrast, the pipeline for land-based wind has stagnated, and offshore wind has plummeted by 35%. Early-and-mid-stage land-based wind projects have struggled to secure approvals from federal regulators, and offshore wind continues to weather permitting roadblocks and uncertainty. 
“Clean energy projects are the fastest to deploy as American electricity demand rises and energy prices increase,” said ACP Chief Policy Officer JC Sandberg. “Unfortunately, American families are footing the bill for the politicized bureaucracy that has halted wind projects aimed at powering millions of homes and keeping costs low. Americans need policies that speed clean energy deployment, not delay it.”  
Q1 2026 Toplines: 

Solar Shines: More than 3.6 GW of utility-scale solar capacity began operations in the first quarter, pushing cumulative operating capacity to 161.1 GW, enough to power 590,000 homes.  

A Slow Quarter for Capacity Installations: Year-over-year, overall clean energy quarterly capacity installations were down by 17%, compared to the 7,695 MW of capacity energized in Q1 2025. Q1 installations also fell by 66% compared to Q4 2025, which can generally be expected as first quarters are typically much slower than fourth quarters.

Delays Add Up: Over 6.4 GW of clean power capacity initially expected to become operational during Q1 were delayed, adding to the 53 GW backlog of delayed projects. Project developers attribute project delays to lengthy permitting processes, backlogged interconnection queues, and fluctuating prices for key project equipment. 

Texas Continues to Dominate: With over 96.4 GW of clean power projects in operation, Texas is on the verge of becoming the first state to cross the 100 GW threshold. Texas is home to 26% of online clean power capacity in the U.S. and has more operational capacity than the next four states combined. 

Explore the full report for more data and analysis.  

Source: Offshore Energy UK

Headline: OEUK news

Clearer policy and stronger investment needed to scale North Sea CCS and Hydrogen projects

2 June 2026

Carbon Capture and Storage (CCS) and Hydrogen technology will be vital to cutting emissions and strengthening energy resilience, but progress will stall without co-ordination of infrastructure, clearer cross-border rules and stronger investor confidence, according to a new report OEUK commissioned from DNV.

In the first of two studies launched at OEUK’s first CCS & Hydrogen Summit in Edinburgh today, DNV’s ‘An Integrated and Resilient North Sea’ report examines CO₂ transport and storage and hydrogen transport across the UK, Norway, the Netherlands, Germany, Belgium and France. It argues that planning infrastructure as one integrated North Sea system, rather than as isolated national or project-level developments, is essential to deliver affordability, resilience, interoperability and long-term value.

Laura Moyle, OEUK’s CCS and Carbon Markets Manager, said;

“The UK and Norway are well placed to become long-term CO₂ storage providers for Europe. In particular, the UK Southern North Sea offers potential cost and resilience advantages for industrial clusters in northwest Europe, while the wider basin benefits from the geology, offshore infrastructure and skilled workforce built through decades of oil and gas development.

Europe’s CCS sector is moving into a scale-up phase, with transport and storage capacity currently outpacing carbon capture. The UK Continental Shelf alone has geological potential to store around 70 billion tonnes of CO₂, but that advantage may not last. By the mid-to-late 2040s, capture volumes could match or exceed planned injection capacity unless additional storage sites are licensed and developed. Resilience must be built in from the start to enable infrastructure to be scalable, interoperable and investable, with clear rules on cross-border access, liability, regulation and long-term stewardship. Economic analysis shows CCS and hydrogen transport and storage are long-term, capital-intensive investments, with payback periods are expected to be around 20 to 30 years.”

Hydrogen demand is expected to grow more gradually, but DNV’s study points to a clear long-term need for cross-border transport and large-scale storage. It says networks in the UK and across Europe should be designed to work together from the start, drawing on lessons from gas transportation, system balancing, metering and storage to avoid costly retrofits and support future interconnection.

To support UK and wider European CCS ambitions, the ‘Enabling Infrastructure for cross-border CO₂ transport’ study, by Xodus, supported by a consortium of UK and European organisations including OEUK assesses the technology, port capacity and suitability, and likely capital investment required across the region. It also examines the volumes of CO₂ that could be transported between European regions at 10-year intervals. At each interval, the North Sea region is anticipated to store the most significant share of cross border CO₂ flows, going from 18 million tonnes per annum (MTPA) in 2030 to 36MTPA in 2050.

The North Sea is a cornerstone of the energy system today and the knowledge gained from decades of North Sea experience is crucial to the energies of tomorrow. OEUK recently updated guidance on Well Decommissioning and Legacy Well Assessment for CO₂ Storage (Issue 2), reflecting the latest industry expertise on decommissioned wells and expanding the document’s scope. These support well operators and engineers in maintaining the integrity of future CO₂ storage sites and help CO₂ storage operators to assess the integrity of inherited legacy (decommissioned) wells during the conversion of a reservoir to a carbon store.

The DNV report is available here and Xodus will be launching its study at OEUK’s CCS & Hydrogen Summit in Edinburgh.

Guidelines for Well Decommissioning and Legacy Well Assessment for CO₂ Storage- Issue 2 is on the OEUK website  here.

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