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OPEC+ to act if global market faces oil crunch, CEO of Russia’s Gazprom Neft says

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Some analysts and thinktanks believe that the extension of supply cuts by OPEC+ to the end of 2023 will mean a substantial market deficit through the fourth quarter

The OPEC+ group of leading oil producers will act if the global oil market faces a shortage, Alexander Dyukov, head of Russian oil firm Gazprom Neft, said on Wednesday.This month, benchmark Brent crude breached $90 a barrel for the first time this year after Saudi Arabia and Russia extended their combined cuts of 1.3 million barrels per day in output until the end of the year.

“If a situation emerges with an oil shortage, then, accordingly, there is OPEC+, which can react to this and increase the volume of oil supply to the market,” Dyukov said.

 

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