Gazprom CEO: No oil hike expected on OPEC deal

10/18, 8:42 PM (Source:

Gazprom Neft CEO Alexander Dyukov said on Tuesday he doesn’t believe there will be a significant increase in crude prices after the Organization of the Petroleum Exporting Countries (OPEC) members reach a deal on a new output freeze this November, TASS reported.

"If modeling a situation of OPEC countries reaching an agreement to reduce or limit production, this will give a certain impetus and the price will grow,” said Dyukov, adding that he doesn’t expect the “the growth will be significant.”

Meanwhile, the crude prices remained stable ahead of the upcoming American Petroleum Institute (API) report on oil inventory later in the day. The greenback also remained steady while the investors became slightly more optimistic on the OPEC deal effectiveness. WTI for November delivery added 0.34% to trade for $50.29 per barrel and Brent for contracts in December remained flat, gaining 0.02% at $51.69 per barrel at 8:28 p.m. CET.

Teletrader Newsroom / VK