MOSCOW (Sputnik) – The OPEC+ deal will not prompt an immediate sharp rise in oil prices, but should the international community manage to curb the COVID-19 outbreak, it is possible that prices could rise to between $40 and $45 a barrel, Russia’s Gazprom Neft CEO Alexander Dyukov said.
The Gazprom Neft CEO added that oil prices could reach $45 per barrel by the end of the year and expressed a positive outlook for the future.
According to the CEO, the OPEC+ deal is not set in stone and allows for adjustments depending on current market conditions. He said that Gazprom Neft is prepared for all market eventualities.
On Sunday, OPEC+ signed a landmark deal that commits member nations to reduce crude oil production by 9.7 million barrels per day in May and June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.
Brent crude oil futures closed at $31.74 per barrel on Monday.
Sourse: sputniknews.com
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