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OPEC+ deal criteria should not be revised this year — Gazprom Neft CEO

It is mentioned that at the moment, the demand for oil exceeds the supply

MOSCOW, December 17. /TASS/. There are currently no grounds for altering the terms of the OPEC+ agreement, which includes a scheduled growth in output by all countries of 400,000 barrels per month until May 2022, CEO of Gazprom Neft Alexander Dyukov told, The seasonal fall in demand, as well as the unclear scenario with the new omicron variant, are currently affecting the market, he added.

"At the moment, there is no reason to revise those decisions that have already been made," he said. According to him, now the demand exceeds the supply, but, on the other hand, the world is still using accumulated reserves.

According to him, if the market situation changes dramatically OPEC+ needs to react - to either reduce or increase production, depending on the situation. "Many factors affect the oil market, and these factors make it unpredictable. In a perfect storm, the market is quite volatile, but there are instruments, OPEC+, which allows us to stabilize the market situation. For the entire time since 2016, it has shown its effectiveness," Dyukov emphasized.

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