The expert called the decision of the OPEC + countries on oil production a compromise

“We see that this is a rather compromise solution in terms of increasing oil production.

That is, this is a small rate of increase in production volumes, and it will allow, on the one hand, to maintain rather high oil prices, on the other hand, we still see that the countries have confirmed that they intend to return their volumes to the dock level, ”explained Yushkov.

The analyst also noted that if the situation requires an increase in production, then the parameters of the transaction can be changed.

“Yes, we are increasing, but at a slow pace, which in general suits everyone.

It is important to take into account that OPEC + has always been a momentary deal, if consumption grows at a high rate, then OPEC + participants will increase production more than they have agreed now.

They will actively monitor the market and, if necessary, the parameters of the transaction will be changed, ”the interlocutor of RT concluded. 

On July 18, the OPEC + countries agreed to increase production by 400 thousand bpd until they return 5.8 million bpd to the market, and also extended the deal until the end of 2022.

The new OPEC + decision will allow Russia to receive an additional 400 billion rubles of income in the budget in 2021-2022, said Russian Deputy Prime Minister Alexander Novak.