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Novatek does not believe in emergence of gas OPEC

Novatek considers the proposal of Saudi Arabia’s Energy Minister Prince Abdel Aziz bin Salman on cooperation in the gas market to be rational, however the emergence of an organization similar to OPEC in the gas industry shouldn’t be expected for another 10 years, Novatek’s head Leonid Mikhelson told reporters.

“About the gas OPEC +, I think that it’s not worth talking about in the next 10 years. I think that there will be competition and thank God for that,” Mikhelson said.

Last week, at the Russian Energy Week in Moscow, Saudi Arabian Energy Minister Prince offered the Russian Deputy Prime Minister Alexander Novak to consider the possibility of cooperation on the gas market, Novak told reporters.

“He offered to think about this issue, and we discussed it at our bilateral meeting. And we came to a point where it wouldn’t be a bad idea to think about it. So, that’s what we will do,” Novak said.

He also called this idea “rational.”

Prince Abdulaziz bin Salman Al Saud, expressed the opinion that the situation in the markets for natural gas, liquefied natural gas (LNG) and coal, which are experiencing a period of price peaks, is caused by insufficient investment in these industries. and a lack of regulation like OPEC+, he said during a panel discussion. He explained that “carbon neutrality should not be a goal in itself,” as these ambitions disrupt stability in energy markets. “If we look at the gas and coal market, we will see that they need this type of regulator. Perhaps they should just copy-paste and repeat what we are doing on the oil market,” he suggested.
Source: TASS

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