Baku. 23 November. REPORT.AZ/ If a decision to cut oil output is adopted at the upcoming OPEC meeting, the difference will be insignificant, research worker on economic security at the Brussels office of the EastWest Institute Danila Bochkarev told Report.
"If oil prices keep on falling, a decision to reduce output may be passed, but the difference will hardly be as significant as Saudi Arabia proposed," the expert said.
Bochkarev believes that the decision on prolongation of OPEC+ deal will also be passed at the meeting.
"Yes, OPEC will likely continue its existence. This is mostly due to high volatility in oil market. Unpredictability of market trends will also play in favor of OPEC+," Bocharev said.
According to the expert, OPEC still shapes the oil market but its role is already not central. The main driving force are three regions.
"Today the decisions of three key oil producers - Russia, Saudi Arabia and the United States - play a more tangible role than the OPEC policy. OPEC+ that includes Russia certainly becomes the new instrument to stabilize the world oil market," the research worker said.