In April this year, the global oil market could gain momentum and then it would be necessary to gradually withdraw from the OPEC+ deal on oil production restrictions.
He said that to create balance in the market 146 mln barrels of excess oil reserves should be taken into account: “Probably, the oil market will probably balance in April. Then the ministers will gradually discuss the situation out of the situation. I am confident that OPEC+ ministers will discuss the issue and balance the market at a reasonable price to shape the country’s budget”.
According to Alekperov, last year, oil reserves in the volume of 7 bln barrels were discovered: “This figure is usually $ 20-70 billion. Investments in geological surveys have dropped significantly. This suggests that oil prices will increase sharply in the next 3-5 years. If the term of the OPEC+ agreement is extended for another one year, we will have to review our investment projects”.