According to the Secretary General of the organization, Russia's participation in the OPEC + format is “vital” for the success of the agreement, so there is no question of any competition with Moscow
Organization of countries— oil exporters (OPEC) does not aim to compete with Russia, and Moscow's membership in the OPEC+ format is important. This was stated by the Secretary General of the organization Haytham al-Ghais, reports Reuters.
According to him, Russia is the “biggest player on the global energy map”, so its participation in OPEC+ is “vital” for the success of the agreement.
At the same time, al-Ghais stressed that the current oil and gas market is “very volatile”, and the rise in energy prices is associated not only with the Ukrainian crisis, but also with the lack of the necessary number of production capacity.
He noted that the influencing factor in the record growth in oil prices is the lack of sufficient investment in the sector.
Oil prices rose sharply after the EU decision to partially ban Russian oil imports under the sixth package of sanctions. Despite the June decision of OPEC to increase the oil production quota for July and August to 648 thousand barrels. per day monthly (instead of the planned increase of 432 thousand barrels per day), Brent prices remain above $100 per barrel.
Earlier, The Wall Street Journal, citing sources in OPEC, reported that members of the organization are considering options for terminating cooperation with Russia. They explained this by saying that European sanctions and embargoes “are starting to undermine Moscow's ability to produce more oil.” The newspaper writes that this year it is expected that production in Russia “will be reduced by about 8%”.
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At the same time, former OPEC Secretary General Mohammed Barkindo warned that the loss of Russian exports would be tangible for the energy market and that other countries would not be able to make up for Russian supplies.
At the end of June, Bloomberg reported that the G7 countries were considering setting a price ceiling for Russian oil by limiting the cost of its insurance and transportation. That the “Big Seven” considers setting a marginal cost as a way to limit Russia's energy revenues, Reuters also wrote. According to Bloomberg, we can talk about limiting the price to $40–60.
Russian President Vladimir Putin called the Western countries' initiative “fabulous”. According to him, this will cause the world price of oil to rise “to the skies”.