RoydadNaft –  The OPEC+ group of leading oil producers will act if the global oil market faces a shortage, Alexander Dyukov, head of Russian oil firm Gazprom Neft, said on Wednesday.

OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to support prices.

This month, benchmark Brent crude breached $90 a barrel for the first time this year after Saudi Arabia and Russia extended their combined cuts of 1.3 million barrels per day (bpd) in output until the end of the year.

“If a situation emerges with an oil shortage, then, accordingly, there is OPEC+, which can react to this and increase the volume of oil supply to the market,” Dyukov said.

He also said that a proposed hike in duty on Russian fuel exports could only have a temporary effect in tackling shortages in the domestic market.

Speaking to reporters on the sidelines of a conference in the city of Tyumen in Western Siberia, the hinterland of Russian oil production, Dyukov also said that the global oil market is balanced, while the oil price is “fair”.