NEW YORK, Aug 1 — Opec’s new secretary general said that Russia’s membership in Opec+ is vital for the success of the agreement, Kuwait’sHe said Opec is not in competition with Russia, calling it “a big, main and highly influential player in the world energy map”,Opec+ is an alliance of the Organisation of the Petroleum Exporting Countries and allies led by Russia.
Although, a modest output increase is also likely to be discussed, eight sources told Reuters last week.that “Opec doesn’t control oil prices, but it practices what is called tuning the markets in terms of supply and demand,” describing the current state of the oil market as “very volatile and turbulent.”
“All the data confirm that prices began to rise gradually and cumulatively, and before the outbreak of the Russian-Ukrainian developments, due to the prevailing perception in the markets that there is a shortage of spare production capacity, which has become confined to a few and limited countries,” al-Ghais said.
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