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Eastern Economic Forum

Oil price to stabilize soon — Gazprom Neft CEO

As Alexander Dyukov noted, "this is far from being the first time when the oil market experiences the period of price adjustment"

VLADIVOSTOK, September 5. /TASS/. The current oil price drop is related to expectations of oil production growth in Libya by 0.5 mln barrels daily and in OPEC+ countries, Gazprom Neft CEO Alexander Dyukov told reporters at the Eastern Economic Forum.

"Many factors influence the market at present. This is the expectation that Libya will add 0.5 million barrels per day to the market. These are accordingly the signals that certain slowdown of growth takes place in a number of major global economies. These are also the market expectation of production growth in OPEC+ member-countries from October and the volatile situation in global financial markets," Dyukov said.

"These and other factors definitely influence the oil price. However, this is far from being the first time when the oil market experiences the period of price adjustment. I think prices will stabilize in the near time," the chief executive added.

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Eastern Economic Forum

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