OPEC Secretary General announced the refusal to compete with Russia

According to the Secretary General of the organization, Russia's participation in the OPEC + format is "vital" for the success of the agreement,therefore, there is no talk of any competition with Moscow

The Organization of the Petroleum Exporting Countries (OPEC) does not aim to compete with RUSSIA, and Moscow's membership in the OPEC+ format is important. This was stated by the secretary general of the organization Haytham al-Ghais, reports REUTERS.

Russia is “the biggest player on the global energy map,” he said , so its participation in OPEC+ is “vital” to the agreement’s success.

At the same time, al-Ghais stressed that the current oil and gas market is "very volatile", and the rise in energy prices is associated not only with the Ukrainian crisis, but also with the lack of the required amount of production capacity.

He noted that the influencing factor in the record growth of oil prices is the lack of sufficient investment in the sector.

WSJ learned about the discussion of the suspension of Russia's participation in the OPEC deal Economics

Oil prices rose sharply after the EU decision to partially ban Russian oil imports under the sixth round of sanctions. Despite the June decision of OPEC to increase the oil production quota for July and August to 648 thousand barrels. per day monthly (instead of the planned increase of 432 thousand barrels per day), Brent prices remain above $100 per barrel.

Earlier, The Wall Street Journal, citing sources in OPEC, reported that members of the organization are considering options for terminating cooperation with Russia. They explained this by the fact that European sanctions and embargoes "are starting to undermine Moscow's ability to produce more oil." The newspaper writes that this year it is expected that production in Russia "will be reduced by about 8%".

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At the same time, former OPEC Secretary General Mohammed Barkindo warned that the loss of Russian exports would be tangible for the energy market and that other countries would not be able to make up for Russian supplies.

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At the end of June, BLOOMBERG reported that the G7 countries are considering the possibility of setting a price ceiling for Russian oil by limiting the cost of its insurance and transportation. The fact that the "Big Seven" considers the establishment of the marginal cost as a way to limit Russia's income from energy, wrote Reuters. According to Bloomberg, we can talk about a price cap of $40-60.

Russian President Vladimir Putincalled the initiative of the Western countries "slanderous". According to him, this will cause the world price of oil to rise "to heaven."