Statement on oil from Gazprom

Alexander Dyukov, CEO of the Russian energy company Gazprom Neft, stated that the OPEC+ group's decision to increase oil production in July will not lead to a surplus in global oil supply. Speaking to reporters at the St. Petersburg International Economic Forum, Dyukov emphasized that oil demand will increase significantly in late spring and summer.

"The increase in demand could reach up to 2 million barrels per day. Therefore, the OPEC+ group's production increase will not create a supply surplus," Dyukov said. He also noted that in the event of a potential supply surplus, countries such as the US and China could utilize their strategic reserves. "The US plans to rapidly replenish its strategic petroleum reserve of approximately 400 million barrels. China has also announced that it will accelerate the process of replenishing its reserves," he added.

Pointing out that oil prices remaining low for a long period could lead some producer countries to reduce their investment activities, Dyukov said this could result in less investment in the industry and a decrease in new production projects. He stated that this situation could lead to a supply deficit and price increases within a few years.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which are members of the OPEC+ group, decided on May 31 to increase oil production by 411 thousand barrels per day in July compared to the previous month.