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World Russian membership in OPEC+ is essential, known as OPEC secretary

13:00  01 august  2022
13:00  01 august  2022 Source:   francetvinfo.fr

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Opoe-Russia: Russian membership in OPEC+ is essential, known as OPEC

L'ADHÉSION RUSSE À L'OPEP+ EST ESSENTIELLE, DIT LE SECRÉTAIRE DE L'OPEP © Reuters/Leonhard Foeger Russian membership in OPEC+ is essential, known as OPEC

secretary (Reuters) - Russia's membership in OPEC+ is essential to the success of the Alliance oil production agreement, said the new secretary general of OPEC, Haitham al-Ghais, in the Kuwaiti Alrai newspaper.

The manager also said that OPEC was not in competition with Russia, which he described as "large, main and very influential actor on the global energy card", according to Alrai.

OPEC+ is an alliance between the organization of oil exporting countries (OPEC) and its allies, led by Russia.

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Haitham al-Ghais, former Kuwaiti governor of OPEC, will direct his first OPEC+ meeting on August 3, during which the group will plan to maintain the production of oil unchanged for September, despite calls from the United States in favor of an increase in supply.


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A modest increase in production is also likely to be discussed, eight sources in Reuters said last week.

About increases in oil prices, Haitham al-Ghais added: "For my part, I continue to emphasize that the recent increase in oil prices is not only linked to developments between Russia and Ukraine. ""

"All data confirm that prices have started to increase gradually and cumulative, before the outbreak of events between Russia and Ukraine, due to the dominant printing on the markets that there is a shortage Production capacity reserves, which has become limited to a few countries. "

Petroleum has skyrocketed in 2022 to reach its highest level since 2008, exceeding $ 139 a barrel in March, after the United States and Europe imposed sanctions on Russia due to its invasion of Ukraine.

Since then, prices have folded around $ 108, while rampant inflation and increase in interest rates make a recession that would erode demand.

(Moataz Mohamed and Nayera Abdallah report, French version Benjamin Mallet)

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