The contraction of the oil market due to the tightening of climate policy in the world will lead to the fact that the share of OPEC countries in the global market will increase from the current approximately 30 percent to 70-80 percent, said Leonid Fedun, vice president for the strategic development of Lukoil.

“In general, we do not see any restrictions on the activities of our company under any development scenario. Even with the radical IEA scenario where oil supplies will decrease by 30 percent, we see that OPEC will simply increase its market share, from today to about 70-80 percent of the market will be controlled by OPEC,” he said.

At the same time, Fedun expressed confidence that the OPEC+ agreement, which involves both OPEC and non-OPEC countries, mainly Russia, will continue to work after 2022.

“Yes, I have no doubt about that, but again it will be trade because, unfortunately, everyone wants to extract more oil at a high price,” he said.

According to OPEC, in 2021, the demand for oil from the Allian countries will amount to 27.7 m bpd, while the global demand is about 100 m bpd. Taking into account the non-OPEC countries participating in the so-called OPEC + agreement, the volume of oil produced by the countries of the agreement is about 40 percent of all oil in the world.

For more information visit www.opec.org

26th July 2021