Alekperov expects oil market recovery by spring 2022

The oil market may recover from the crisis that arose against the backdrop of the coronavirus pandemic by the spring of 2022, said the head of LUKOIL Vagit Alekperov. According to him, in the future, fluctuations in oil prices may be in the range “from zero to infinity.”

As Mr. Alekperov said in an interview with TASS, the OPEC + countries’ deal to cut oil production “will most likely continue.” For how long, he did not specify.

“The agreement (of the OPEC + countries .— “B”) works until the spring of 2022. We all hope that the market will recover by this time. Plus, the delayed demand will probably have an impact. After all, people have been traveling, flying and so on for almost two years … But fluctuations in the market are possible from zero to infinity, ”said the head of LUKOIL on the sidelines of the St. Petersburg International Economic Forum.

Vagit Alekperov believes that oil prices are unstable, and this is also why an OPEC + agreement is needed. “Based on this unpredictability, we budget the price of $ 50 per barrel,” he said, adding that the price “can be infinite” and “depends on consumption”.

Russian Deputy Prime Minister Alexander Novak previously spoke about the “uncertainty” in the oil market. At the same time, he noted that prices on the oil market have stabilized and demand has grown.

Following the meeting on June 1, the largest oil-producing countries confirmed their adherence to the previous agreements, under which OPEC + will increase production by 2 million barrels per day in May-July. Mr. Novak expressed hope that by the end of the year the oil price will exceed $ 60 per barrel.

Details – in the material of “Kommersant” “OPEC + does not want to change anything.”