The expert appreciated the decision of OPEC + to reduce oil production

MOSCOW, September 5 – PRIME. The decision of OPEC + to return in October to the August terms of the agreement signals to the market that all members of the alliance are interested in consistently high oil prices and will defend them, Anton Usov, managing partner of Kept, commented to RIA Novosti.

OPEC + at a meeting on Monday decided to again reduce oil production by 100,000 barrels per day, returning in October to the August terms of the agreement.

“In my opinion, OPEC + has taken the path of a symbolic reduction in production in order to send a signal to the market and support prices at the current level against the backdrop of a possible recession in the global economy and a significant drop in oil prices from the maximum. This is a kind of signal that producing countries will defend their economic interests and are interested in a consistently high level of prices,” Usov said.

Russian Deputy Prime Minister Alexander Novak, following the meeting on Monday, said that OPEC + continues to monitor the situation on the world oil market in connection with the discussions of the G7 countries to set a ceiling price for Russian oil.

G7 finance ministers (Great Britain, Germany, Italy, Canada, USA, France and Japan) on Friday confirmed their intention to impose price restrictions on Russian oil as part of the expansion of sanctions for a military special operation in Ukraine. Russian representatives warned in response that the countries that would apply the limits would be left without Russian oil exports.

At the same time, the finance ministers of the G7 countries also called on oil-producing countries to increase production in order to reduce volatility in energy markets, noting that the decision of OPEC + to increase production in September (by 100,000 barrels per day) is welcome against the backdrop of a limited supply of this raw material.