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No significant oil price hike expected if OPEC countries reach deal — Gazprom Neft CEO

October 18, 2016, 20:32 UTC+3
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MOSCOW, October 18. /TASS/. No significant oil prices growth is expected if OPEC countries reached a deal to reduce or limit production, Chief Executive Officer of Gazprom Neft Alexander Dyukov said on Tuesday on the air with Rossiya 24 TV Channel.

"If modeling a situation of OPEC countries reaching agreement to reduce or limit production, this will give a certain impetus and the price will grow. However, I do not believe growth will be significant," Dyukov said.

Meanwhile, the company expects to maintain small growth of oil production output even if oil producing nations reach an agreement to stabilize production, the top manager said.

"Chances are now higher than a year ago," Dyukov said, commenting on the probability of the deal to be reached by OPEC countries.

OPEC member-states managed to agree oil production limit of 32.5-33 mln barrels per day at the informal meeting in Algeria in late September. The first meeting of the OPEC special committee for implementation of Algerian arrangements will take place on October 28-29 in Vienna.

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