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CEO of Gazprom Neft Backs Extension to OPEC+ Deal

OIL

The current OPEC+ agreement should be extended according to CEO of Gazprom Neft earlier today.

  • He said the OPEC+ deal, which expires at the end of 2022, makes it possible to keep the price of oil at a level that allows companies to invest in oil production.
  • He added that high oil prices are the result of geopolitics not OPEC+.
  • "I don’t know what decision will be made at the OPEC+ meeting, but it seems to me that it would be right for this mechanism to continue its work, as we see its positive impact on the market situation," he said.
  • The OPEC+ meeting on Sep 5 will be closely watched for any extension to the group agreement and for changes to production targets. Saudi Arabia last week suggested that production cuts would be possible to address market volatility and the disconnect between physical and futures markets.
Energy BulletsCommodities
Energy BulletsCommodities

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