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The cartel is tired

10 June 2024

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented on the OPEC+ meeting results to the Monocle magazine.

"The meeting is likely to have no noticeable impact on world prices,— Alexey Belogoryev believes. — In the third quarter, the OPEC+ production will remain formally unchanged, and in fact should even decrease, since Russia, Kazakhstan and Iraq promised to "compensate" for exceeding their quotas in the second quarter."

In his opinion, the main outcome of the meeting is that OPEC+ participants sent a clear signal to the market of long-term sustainability and coherence of their policies.
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