Global oil prices are stable thanks to the OPEC+ agreement, with the price surge caused by geopolitical factors, Alexander Dyukov, the chair of the management board of Russia's Gazprom Neft, said on Tuesday
KHANTY-MANSIYSK (Pakistan Point News / Sputnik - 30th August, 2022) - Global oil prices are stable thanks to the OPEC+ agreement, with the price surge caused by geopolitical factors, Alexander Dyukov, the chair of the management board of Russia's Gazprom Neft, said on Tuesday.
"We see that the OPEC+ resolved the issue of balance between supply and demand, and we see quite stable prices on the global market as well. Yes, the prices are high, but it is caused not by the OPEC+ but by the geopolitical factors," Dyukov told reporters.
He added that the OPEC+ agreement has a positive influence on the market and that it should remain in effect.
Earlier in August, the OPEC+ group of countries decided to increase oil production by 100,000 barrels per day beginning in September. The group's secretary general said that this decision was aimed at testing the reaction of oil markets and it can be revised.
OPEC+ groups the original 13 OPEC members, led by Saudi Arabia, with ten non-OPEC oil producers, including Russia.
