Eight OPEC+ countries will continue to systematically increase oil production in December

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to RIA Novosti and the Prime news agency on the current and future policy of OPEC+ in the face of price volatility and increased anti-Russian sanctions from the United States.

Alexey Belogoryev noted that conceptually OPEC+ wants to reduce the long-term supply of oil producers outside the alliance. To do this, it needs a period of low prices, which will last not a few months, but one and a half to two years. According to Belogoryev, we are talking about $ 50 per barrel. This is a sufficient level to discourage investment, in particular, in new drilling for shale oil in the United States.

"Therefore, the current price fluctuations, from the point of view of the OPEC+ strategy, do not have any special impact. As for the sanctions against Lukoil and Rosneft, the market is still responding calmly to them. There are no clear signs that these sanctions will lead to a significant reduction in total Russian exports, at least in the long term," Belogoryev added.