Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to RIA Novosti and the Prime news agency on the expectations of the upcoming OPEC+ Eight meeting.
According to Alexey Belogoryev, OPEC+ will most likely not take any action over the next two to three months.
"If, nevertheless, contrary to expectations, a decision is made on an additional increase in production, it will almost certainly provoke a new round of price cuts... Even a symbolic increase, by 0.1-0.2 million barrels, will be perceived as OPEC+'s willingness to return all remaining 1.6 million barrels per day of voluntary restrictions to the market in the near future. And this does not fit into any balance sheet," the expert noted.
Subscribe for updates
and be the first to know about new publications