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Global oil market will need OPEC+ deal at least for next 20 years, says Lukoil executive

The agreement has been in effect since 2017

MOSCOW, December 17. /TASS/. The OPEC+ agreement, which regulates oil production on the global market, will work for the next 20 years, Vice-President of Russian oil major Lukoil Leonid Fedun told reporters.

"The OPEC+ deal will be needed in all scenarios of the oil market development. I think that it will be effective at least in the next 20 years," he said.

In his opinion, OPEC+ will continue to increase oil production in February at a given rate, which is by 400,000 barrels per day.

The OPEC+ agreement was concluded at the end of 2016 and has been in effect since 2017. The ministers of the countries participating in the agreement meet regularly to determine levels of oil production for the coming period. The largest members of OPEC+ are Russia and Saudi Arabia, which together account for half of all production in the alliance.