OPEC+ should continue taking decisions on output monthly because of changing market conditions - Gazprom Neft CEO

MOSCOW. Sept 15 (Interfax) - OPEC+ should continue taking decisions on oil output quotas on a monthly basis amid the uncertainty on the global market, Gazprom Neft CEO Alexander Dyukov told reporters on the sidelines of the St. Petersburg International Gas Forum (SPIGF) 2022.

"Taking decisions monthly [on OPEC+ production quotas] is the right approach. The situation changes each month, thus decisions need to be taken based on the situation," Dyukov said, noting that the global oil market is currently balanced.

Dyukov also noted that many factors are affecting current oil pricing. "It is difficult to say what it [the price of oil] will be at the end of the year. Geopolitical factors have a serious impact," he said.

As previously reported, the OPEC+ Joint Ministerial Monitoring Committee (JMMC), at a meeting on September 5, decided to cut the quota for oil production by 100,000 barrels per day in October compared to September. The next JMMC meeting is scheduled for October 5.

Following the latest JMMC meeting, Russia's Deputy Prime Minister Alexander Novak noted that the alliance would continue monitoring the situation on the oil market in order to ensure a balance amid uncertainties associated with production from non-signatory countries to the output deal, as well as owing to the intentions of the G7 countries to impose a price cap on Russian oil, among other matters.