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OPEC+ capacity to regulate energy market currently limited — Novak

According to the official, the Middle Eastern countries are utilizing the existing pipeline infrastructure of Saudi Arabia and the UAE but the market still faces a deficit

ST. PETERSBURG, June 5. /TASS/. OPEC+ countries are currently limited in their ability to regulate the global oil market, as several nations within the alliance have cut production due to the Middle East conflict, Russian Deputy Prime Minister Alexander Novak said in an interview with the Vesti TV program.

"It is difficult for the OPEC+ organization to respond right now because member countries have significantly reduced their production. <...> In the event of a Strait of Hormuz closure, they are effectively limited in their capacity to increase output volumes," he said.

Novak noted that while Middle Eastern countries are utilizing the existing pipeline infrastructure of Saudi Arabia and the UAE, it remains insufficient, and the market faces a deficit.

"Therefore, in terms of interaction, we are currently quite restricted. Nevertheless, we hope that as we emerge from the crisis, the role of OPEC and OPEC+ will remain significant in ensuring the market is balanced. This will help maintain investment attractiveness and supply-demand balance forecasts, enabling the further development of the energy industry," he added.

SPIEF is taking place on June 3-6. This year's main theme is "Pragmatic Dialogue: The Path to a Stable Future." The forum's program focuses on shaping a new model of global development amid the transformation of the world economy. The Roscongress Foundation is the organizer of the forum, with TASS serving as its general information partner.

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