Competition between OPEC and Russia is impossible, the new OPEC Secretary General Hight Al-Gais said in an interview with Alrai.
“OPEC does not compete with Russia, it is a large, main and extremely influential player in the global energy market,” he stressed.
According to him, not only the situation in Ukraine influenced the current situation in the oil market. “All data confirms that prices began to grow gradually and even before the deterioration of Russian-Ukrainian relations in connection with the dominance of the idea of a shortage of free production capacities that began to be limited to some countries,” Al-Gays explained.
The transaction of the OPEC states and the countries (OPEC+) that are not part of the organization has been operating since 2017. Its goal is to stabilize the oil market, on which at that time there was an excess supply, which is why the prices of black gold fell. Initially, OPEC implied a reduction in the production of an alliance by 1.2 million barrels per day for six months, but since then the agreement has been extended more than once, and its parameters have changed.