The Secretary General of the Organization of the Petroleum Exporting Countries OPEC, Haitham Al-Ghais, spoke of “the extension of the agreement with Russia and other non-OPEC producers”.
Mr. Haitham Al-Ghais, said on Thursday, that the organization “wishes to ensure that Russia remains part of the OPEC + agreement to produce oil following 2022”.
Al-Ghais said that “despite expectations that the measures taken will reduce Russian oil supplies by the end of the year, Russia will probably continue to be part of the cooperation agreement signed between the members of the ‘OPEC+ in July 2019’.
“We would like to extend the agreement with Russia and other non-OPEC producers,” Al-Ghais said, noting that “it is very difficult for me to imagine that the agreement will not last” .
He added, “This is a long-term relationship that includes broader and more comprehensive forms of communication and cooperation between 23 countries. It’s not just regarding coordinating production.”
Al-Ghais, appointed as OPEC secretary general this month, stressed that compensating for Russian oil “is not an easy task” and that the reduction in Russian production will have “serious repercussions on the consumers”.
But he was convinced that “the market will adapt”.
“Whatever actions are taken in the future, buyers and sellers can adapt, and they can always find ways to redirect trade flows,” he said.
Al-Ghais announced that he trusted Russia and that the organization had close relations with it, and that OPEC had always adhered to the principle of political separation and cooperation in the oil market.
Russia began to gradually increase oil production following sanctions-related restrictions and with increased purchases from Asian buyers, prompting Moscow to increase its production and export forecast until the end of 2025.
Source: Translated from AlMayadeen
