How OPEC+ regains oil market share

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to RIA Novosti and the Prime news agency on the OPEC+'s decision to continue increasing oil production in October.

"OPEC+ took advantage of the last window of still relatively high seasonal demand and continued uncertainty regarding further US sanctions against Russia's oil exports," Alexey Belogoryev said.

In his opinion, OPEC+ continues its policy of price pressure on other producers. However, he noted, rumors that a decision on production growth would be made began to circulate two or three days before the meeting, so the price reaction had already occurred - this was the movement of the Brent crude oil price to the lower range limit of $ 65-70 per barrel.

"I think that in the coming weeks we will see attempts to break through the $65 limit, that is, to return to the April-May price level. In general, there is still a high probability that by the end of the year, daily prices will be around $ 60 per barrel or lower," Belogoryev added.