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OPEC+ decision to postpone production growth justified — Gazprom Neft

"The increase of oil production by OPEC+ countries at the moment or at the very start of the next year, in winter months, would lead to a certain imbalance," CEO Alexander Dyukov noted

MOSCOW, December 13. /TASS/. The decision made by the OPEC+ to postpone the increase of oil production to April 2025 is justified, Gazprom Neft CEO Alexander Dyukov told reporters.

"The decision is justified because the market is rebalanced at the moment. The increase of oil production by OPEC+ countries at the moment or at the very start of the next year, in winter months, would lead to a certain imbalance. The supply volume in the market would be above the demand volume. This would not be proper," he said.

Gazprom Neft believes the OPEC+ decision is correct and supports it, Dyukov noted.

OPEC+ countries decided to postpone oil production buildup to avoid market destabilizing during the low winter season, Russian Deputy Prime Minister Alexander Novak said earlier.