• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • BOE Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Russia says OPEC+ prioritises mid-term strategy over U.S. calls for more oil

December 29, 20217:00 AM Reuters0 Comments

OPEC headquarters in Vienna, Austria
OPEC headquarters in Vienna, Austria

Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ group of largest oil producers has resisted calls from Washington to boost output because it wants to provide the market with clear guidance and not deviate from policy.

The United States has repeatedly pushed OPEC+ to accelerate output hikes as U.S. gasoline prices soared and President Joe Biden’s approval ratings slid. Faced with resistance, Washington said in November it and other consumers would release reserves.

Asked why OPEC+ rebuffed the calls, Novak said OPEC+ had a long-term vision.

“We believe that it would be right for the market to show in the mid-term how we will increase production as demand grows,” he told RBC media outlet.

“The producing companies should understand beforehand which investments they have to plan in order to ensure a production increase.”

OPEC and its allies agreed earlier this month to stick to their existing policy of monthly oil output increases despite fears that a U.S. release from crude reserves and the new Omicron coronavirus variant would lead to a fresh oil price rout.

Novak also said the possible release of the strategic stockpiles by the United States and other large consumers will have a limited short-term impact on the oil market.

He said global oil demand was seen rising by around 4 million barrels per day (bpd) next year after an increase of up to 5 million bpd this year.

Novak said an oil price of between $65 and $80 per barrel should be comfortable next year. Currently, oil is trading below $80.

Ten non-OPEC (Organisation of Petroleum Exporting Countries) nations joined OPEC to form OPEC+ in 2016.

Follow BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Week in Review – Stock gainers/fallers and most read articles
  • US natgas up 2% on forecast for more demand, record exports to Mexico
  • Canadian Rig Count Summary – First hints of the spring thaw’s end?
  • 360 acquires Astute Environmental and continues systematic sector growth
  • Oil prices rise as Congress approves US debt ceiling bill

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    BOE Network
    © 2023 Stack Technologies Ltd.