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OPEC+ can continue cooperation after deal expires — Russian Deputy PM

Alexander Novak noted that OPEC+ takes into account the interests of both oil producers and consumers

MOSCOW, April 26. /TASS/. The countries participating in the OPEC+ agreement can continue cooperation even after the end of the deal, including as part of technological interaction and the creation of joint projects, Russian Deputy Prime Minister Alexander Novak said on Wednesday. He was speaking at the Znanie (Knowledge) educational marathon.

Novak recalled that the current OPEC+ agreement is valid until the end of 2023. "But we have an agreement that we signed several years ago that if there is no need to coordinate our actions, the market will work well and balance itself, we will just get together, monitor the situation, discuss the situation on world markets, exchange experience, perhaps with technologies, to create joint projects," he said.

The Deputy Prime Minister noted that OPEC+ takes into account the interests of both oil producers and consumers. "We are not talking about regulating prices. It is very important that we say that there should be a balance of interests between exporters and consumers," Novak added.

In his opinion, if OPEC+ go for the rise of oil prices and reduction of supply, this will lead to the fact that the energy resources of the alliance countries will be replaced by other, cheaper resources.

"Therefore, it is a matter of competition, a matter of how to work on the market, balancing between other competitive energy sources and ensuring the stable operation of the industry," the Deputy Prime Minister emphasized.

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