The analyst explained OPEC+'s decision to increase oil production

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to RIA Novosti and the Prime news agency on whether the OPEC+'s plans to curb oil production growth will change due to the US and Israeli military operations against Iran.

"OPEC+ acts based on its own logic, which reflects a strategic vision, rather than an attempt to respond to the current situation. The OPEC+'s task is to achieve a sharp drop in production growth in other countries, but primarily in North and South America, by generally reducing oil prices during 2026-2027," Belogoryev commented on the OPEC+'s decision. Thus, the alliance will secure a larger market share.

The agency's interlocutor believes that it is still difficult to assess the consequences of such unpredictable events as the complete closure of the Strait of Hormuz, through which oil flows from the Persian Gulf countries to the world market, disruptions in the supply of Iranian oil, as well as possible Iranian attacks on the oil infrastructure of neighboring Gulf countries.

"That is, the decision taken is primarily a signal to all market participants that OPEC+ intends to complete its policy of returning the remaining one million barrels per day of voluntary reductions to the market," Belogoryev believes.

In his opinion, OPEC+ will fully withdraw from the remaining voluntary restrictions by the end of 2026.