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Russia’s ex-finance minister believes OPEC agreement will stabilize oil market for 2 years

September 30, 11:12 UTC+3
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Russia’s ex-Finance Minister Alexei Kudrin

Russia’s ex-Finance Minister Alexei Kudrin

© Sergei Bobylev/TASS

SOCHI, September 30. /TASS/. The agreement of the countries-members of OPEC on restricting oil production at the level of 32.5 - 33 mln barrels per day will stabilize oil prices for 1-2 years, Russia’s ex-Finance Minister and head of the Center for Strategic Research Alexei Kudrin said on Friday.

"I do not think that all countries fulfill the agreements in a quality manner. However, for some time - 1-2 years, it will stabilize oil prices of course. Of course prices - in not the only factor. If we have weak dynamics of global demand growth, there will be downside pressure on the oil market. After that, everything will depend on more fundamental factors," Kudrin said.

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