HomeMediaLatest NewsThe US will try to destroy the OPEC+ agreement

The US will try to destroy the OPEC+ agreement

09 March 2022

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

Alexey Belogoryev, Deputy Principal Director on Energy Studies at the Institute for Energy and Finance, commented to RIA Novosti on the prospects for the OPEC+ agreement and Russian oil supplies to the world market.

“The United States will now make great efforts to convince producers, such as Venezuela, Iran, Saudi Arabia and the UAE, to increase supplies. I think they will try to break up the OPEC + agreement as much as possible. Although Saudi Arabia is not yet profitable, and it, frankly, is not in a hurry to make any decisions yet. But, I believe, the pressure on it will be quite serious," Belogoryev believes.

The expert explained that although the supply of Russian oil to the United States is not significant, and US President Joe Biden does not expect the same measures from Europe, what is happening still affects the supply from Russia. The boycott problem arose not at the level of states, but at the level of individual companies, ship owners and insurance companies. "Everything that we have been observing in recent weeks will obviously only get worse after this US decision. In this sense, there will, of course, be losses in demand (for Russian oil - ed.), they are already tangible," he concludes.
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