Vagit Alekperov: It’s necessary to gradually get out of OPEC+ deal

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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.

President of the leading Russian oil company LUKOIL Vagit Alekperov said at the World Economic Forum in Davos, Switzerland.

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”.



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