Russian expert: "OPEC and OPEC+ will discuss cutting output"

Baku. 3 December. REPORT.AZ/ "Discussions on cutting output and applying restrictions on crude oil export from member-states will continue at the upcoming meetings of OPEC and OPEC+", Dmitry Gruschoveko, a research worker at the Russian Institute of Energy, expert of the Institute of Pricing and Regulation of Natural Monopolies of the National Research University Higher School of Economics told Report.

According to him, it’s still unknown whether a decision on reduction of output will be made or not: "This issue was also influenced by Qatar's decision to leave the organization and be out of control. However, Qatar’s obligations on output cut will have to be distributed among other participants and consequently, the negotiations will be delayed and complicated."

Dmitry Gruschoveko, a research worker at the Russian Institute of Energy, expert of the Institute of Pricing and Regulation of Natural Monopolies of the National Research University Higher School of Economics

The prices, which were useful for participants, have started to change and $60 a barrel is considered as an acceptable for main participants’ budgets and oil industries. It’s needed to understand that this will become real.

Dmitri Qruşevenko

Dmitry Gruschoveko, a research worker at the Russian Institute of Energy, expert of the Institute of Pricing and Regulation of Natural Monopolies of the National Research University Higher School of Economics

The expert stressed that the main players in OPEC and OPEC+ are currently trying to do their utmost despite difficulties.

"The prices, which were useful for participants, have started to change and $60 a barrel is considered as an acceptable for main participants’ budgets and oil industries. It’s needed to understand that this will become real," he said.

He said that the price of $70-80 is better than $60 and therefore, the discussions on the need for cut in the output or restrictions on crude oil export from member-states will continue.