OPEC + exporters intend no response to the US calls to increase production

Deputy Prime Minister of the Russian Federation Alexander Novak said that the countries participating in the OPEC + deal do not plan to heed the United States calls to increase the oil-produced volume. The alliance has focused on a medium-term strategy. The agreement parties intend to increase production as demand for raw materials grows. Novak also agreed with the experts, who previously said that oil from the United States strategic reserves and some other countries have no significant impact on the market. According to the Russian Ministry of Energy forecast, by the end of the outgoing year, the demand for oil shows an increase of 5 million BPD. The growth rate will drop to 4 million BPD next year. Novak also named an acceptable level of oil prices for the Russian Federation in 2022. It can range from $65 to $80 per barrel. The budget for this year provides for an oil barrel price of $43.30. The 2022 budget includes a price of $44.20. The next OPEC + meeting is scheduled for early January.


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Arseny Kudrin

Publicist, trader

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