Countries participating in the OPEC+ agreement, which runs until the end of the year, can continue their cooperation after that, including technical engagement and the establishment of joint initiatives, according to Russian Deputy Prime Minister Alexander Novak on Wednesday.
His remarks on the current OPEC+ agreement came during the Russian Znanie (knowledge) educational marathon, where he said, 'If there is no need to coordinate our actions, the market will work well and balance itself, we will just get together, monitor the situation, discuss the situation on world markets, exchange experience, perhaps with technologies, to create joint projects.'
Novak underlined the importance that OPEC+ places on both the interests of oil producers and consumers, taking into account the competitive market environment while also upholding stable operations.
'We are not talking about regulating prices. It is very important that we say that there should be a balance of interests between exporters and consumers,' he said.
He maintained that if OPEC+ producers opt for reduced supplies, leading to higher oil prices, then the energy resources of alliance countries would be replaced by other, cheaper resources.
-With EU’s greater reliance on LNG, Russia finds new markets
Novak acknowledged that a global energy shift has occurred with the unprecedented embargo on Russian oil and equipment imports, and the imposition of price caps, although he said the overall oil supply and demand balance has remained unchanged.
'Europe became more reliant on liquefied natural gas imports. Russia's energy industry has proven its durability, and we have found new logistical routes,' Novak said, noting that around 20% of Russian oil initially delivered to Europe is redirected to other markets, such as Asia.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr