KHANTY-MANSIYSK, Aug 30 – PRIME. World oil prices are stable thanks to the OPEC + agreement, but high due to geopolitical factors, says Alexander Dyukov, head of Gazprom Neft.
“We see that OPEC+ eventually solved the problem of balancing supply and demand, respectively, we see fairly stable prices on the world market. Yes, prices are high, but not because of OPEC+, geopolitical factors play a role here,” Dyukov told reporters .
The OPEC+ agreement during its existence has demonstrated that it is able to maintain a balance of acceptable market prices for consumers and oil companies, the head of Gazprom Neft noted.
“If we talk about the situation on the world oil market, we see that it is balanced. Yes, maybe at the moment there are some minor deficits and surpluses, but there is OPEC +, this is a fairly powerful institution that influences the situation on market,” Dyukov told reporters.
“It seems to me that it would be right for this institution, which was created by OPEC members and countries that are not members of the organization, but entered into the agreement, to continue its work. We see a positive impact on the situation on the market,” he also noted.
OPEC+ will soon begin work on a new oil agreement for the period after 2022, the alliance has all the necessary leverage to influence market volatility, including production cuts, Saudi Energy Minister Prince Abdulaziz bin Salman said in late August in an interview with Bloomberg. The next meeting of OPEC + will be held on September 5, which will be included in its agenda is still unknown.