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OPEC+ agreement will not collapse — Lukoil VP

Leonid Fedun also doubts the presence of factors for a strong oil price rally in the current situation

MOSCOW, July 5. /TASS/. Countries participating in the OPEC+ agreement will find an opportunity to come to terms and there are no grounds for the agreement collapse like in March 2020, Vice President of the Russian oil major Lukoil Leonid Fedun told TASS on Monday.

"As far as I am aware, there is a special position of the [United] Arab Emirates. The said position does not refer to the current situation but to what will take place in the next year. I believe they will come to an agreement," Fedun said. "The deal will not collapse. I do not see grounds for that," he added, responding to a question concerning the possibility for recurrence of developments in March 2020.

Fedun also doubts the presence of factors for a strong oil price rally in the current situation. "Yes, there is a small shortage of supply on the market but it is a minor one. I do not think oil will cross the range of $80 per barrel," he said.

The OPEC+ ministerial meeting was canceled earlier on Monday and the date for the new one has not yet been fixed. This is the fourth adjournment of the meeting so far.

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