There is an opportunity to prolong cooperation in OPEC +

There is an opportunity to prolong cooperation in OPEC +
There is an opportunity to prolong cooperation in OPEC +

Russian President Vladimir Putin stressed that the OPEC Plus agreement will continue until the end of 2022, and there is an opportunity to further prolong cooperation within this alliance.

Putin pointed out that the natural gas market is unbalanced and unpredictable, especially in Europe, explaining that the lack of electric power is the reason behind the rise in the price of gas in Europe and not the other way around, and that Moscow is fulfilling its contractual obligations to supply gas there, and is ready to consider additional action.

Putin added that there is a need To agree on how to stabilize energy markets.

Putin indicated that Russia intends to increase the production of liquefied gas to 140 million tons by 2035 annually.

The Russian president also said that Moscow is ready to consider additional action, predicting that the price of oil may reach $100 per barrel.

“This (a price of one hundred dollars a barrel) can be reached… We and our partners in OPEC + are doing everything in our power to achieve stability in the markets,” Putin said at an economic conference on Wednesday.

The OPEC+ alliance includes members of the Organization of the Petroleum Exporting Countries, Russia and other allies.

Alexander Novak, the Russian Deputy Prime Minister and chief negotiator, said in early September that the Organization of Petroleum Exporting Countries (OPEC) and its allies, or the group known as OPEC +, had achieved the goal of getting rid of excess oil in the global market, adding that it was now important to maintain market balance.

He continued, “The joint moves made it possible to get rid of the surplus (oil) that accumulated when demand was low. I think we have completed this task, and the important thing now is to maintain this balance and synchronize production and demand with the market recovery.”

At its last meeting this October, the group stuck to its agreement in July to increase production by 400,000 barrels per day each month until at least April 2022 to gradually get rid of cuts of 5.8 million barrels per day.

The group is under pressure from major consumers such as the United States and India to increase supplies in order to cool the soaring prices, which have increased by 50 percent this year.

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