OPEC+ Deal Meets Current Market Conditions
At a meeting in early September, OPEC+ ministers maintained measures to gradually ease production restrictions by increasing oil production by 400,000 barrels per day (bpd) per month at least until the end of October
The current parameters of the OPEC+ deal, which allow the participating countries to increase production by 400,000 bopd in total each month, meet the current market conditions.
However, Gazprom Neft is ready to increase production faster if necessary, Deputy Chairman of the company’s Management Board Vadim Yakovlev told reporters on the sidelines of the SPE Annual Technical Conference in Dubai.
“I have no doubts that this mechanism will ensure stability in the market, no matter short-term factors. At the same time, if production volumes need to be increased faster, we are ready for it,” Yakovlev added.
At a meeting in early September, OPEC+ ministers maintained measures to gradually ease production restrictions by increasing oil production by 400,000 barrels per day (bpd) per month at least until the end of October. In general, OPEC+ intends to fully return the oil volumes reduced since May 2020 to the market by September 2022.
