Lukoil CEO: OPEC+ deal makes market more predictable

Lukoil CEO: OPEC+ deal makes market more predictable

The OPEC+ oil production cut agreement may remain in 2019 and 2020 on condition that it proves its efficiency, oil major Lukoil CEO Vagit Alekperov said on the sidelines of the St. Petersburg International Economic Forum.

He said that the oil market has already been balanced, but there is no need to cancel the OPEC+ deal.

"The goals have been reached, the market is balanced… I’m deeply convinced that this agreement, which balanced the market, made it more predictable, that’s why we should not cancel this deal, but it should become more flexible taking into account how the market is being formed…," Prime agency cited Alekperov as saying.

"We support that the deal should remain, but volumes of restrictions should be flexible. Yes, it can be kept in force both in 2019 and 2020," he added.