OPEC+ must be ready to react to developments regarding the spread of coronavirus but must be wary of jumping the gun as frequent drops and increases in oil production may lead to destabilization of global energy markets, Gazprom Neft chief Alexander Dyukov said in a televised interview
MOSCOW (Pakistan Point News / Sputnik - 26th February, 2020) OPEC+ must be ready to react to developments regarding the spread of coronavirus but must be wary of jumping the gun as frequent drops and increases in oil production may lead to destabilization of global energy markets, Gazprom Neft chief Alexander Dyukov said in a televised interview.
"Of course, probably, it will be necessary to react, but I think that it would be more correct to react to the current situation a little later because there is a lot of uncertainty at the moment; conflicting information is coming in. On the one hand, we see an aggravation of the coronavirus situation in countries such as South Korea and Italy, but on the other hand, we are learning that in China, they managed to somewhat reduce the epidemic's pace of development," Dyukov said in an interview on the Rossiya-24 news channel.
Dyukov advocated for OPEC+, a conglomeration of the world's largest oil exporting nations, to hold back on taking action just yet for the sake of overall market stability.
"If OPEC+ reacts to changes every month, this will lead to additional destabilization of the situation. That is why it is more correct for now to monitor and maybe make a decision regarding quotas a bit later," Dyukov posited.
