OPEC+ Head Says Group Will Act if Oil Shortfall Emerges, May Extend Output Cuts Through 2023

Alexander Dyukov, head of Russian oil firm Gazprom Neft, said OPEC+ will act if there is a global oil shortage.
OPEC+ began limiting supplies in 2022 to support prices. Brent crude breached $90/barrel in September.
Saudi Arabia and Russia extended their combined 1.3 million bpd output cuts until end of 2022.
Some analysts believe the extension of OPEC+ cuts to end of 2023 will cause a substantial oil market deficit.
Dyukov said proposed higher Russian fuel export duties could only temporarily affect domestic shortages.

reuters.com

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Posted 9/20/2023, 9:04:00 AM