ST. PETERSBURG, June 15. /TASS/. The OPEC+ is capable to continue successful rebalancing of the oil market if oil demand declines, Gazprom Neft CEO Alexander Dyukov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"If the demand drops, the OPEC+ will respond to such demand volumes. There is a tool in place now that enables market rebalancing. It has proved its efficiency," the chief executive said.

"We remember the COVID-19 and the challenging situation in the market. The OPEC+ coped with that task. This is an efficient tool making possible to keep the market in a balanced condition," Dyukov added.