News Formal

Russia Says OPEC Is Sacrificing Market Share for a Purpose

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 19 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 42%
  • Publisher: 68%

OPEC+ News

Russia,Oil Production,Market Share

OPEC is strategically giving up some market share in the short term by limiting production in order to secure investments for long-term oil supply.

OPEC oil producers are ceding market share by tightening supply in order to secure investments ensuring long-term supply, Alexander Novak, Russia’s deputy prime minister and top OPEC official said. “Yes, we are probably deliberately moving, temporarily losing market share, but we are looking forward not to today, but to the future,” Novak told Al Arabiya in an interview.

” Speaking about the long-term outlook for oil and the goals of the supply control agreement, Novak said “It is important that, firstly, the energy sectors in exporting countries develop so that investments continue. This requires prices that would satisfy both exporters and importers, so as not to slow down the growth of demand, prices should not be high.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'Clear evidence' Chinese companies supplying Russia with military attack drones, western official saysThe official adds that Beijing is 'going to struggle' to keep its military support for Moscow 'under wraps' - as a NATO spokesperson says the allegation is 'deeply concerning'.
Source: SkyNews - 🏆 35. / 67 Read more »