Fedun said when asked about the decision he expects the group to take in January:
- I don't see any deviations from the program that was previously adopted
On December 13 OPEC increased it forecast for 1st-quarter demand to 99.13 million b/d - up 1.1 mil b/d from its previous estimate.
The group said the increase was due to expectations that the omicron variant of the coronavirus will have a transitory impact on the global economy.
At the last OPEC+ meeting on December 2 the group agreed to continue with a planned 400,000 b/d production quota increase for January, despite speculation that the group would stall or reduce planned output increases amid concerns over omicron's impact on demand.
S&P Global Platts Analytics is currently forecasting that the group will freeze increases for February due to demand concerns.
The OPEC+ quota is currently the main driver of Russian output volumes.
Fedun also said he sees oil prices at $60-80/b throughout 2022.
- I expect that oil prices will be within a range that is comfortable for both consumers and producers, this is about $60-80/b
- Short-term spikes are possible, but in general, this range will be maintained next year
On December 15 Lukoil said its 2022 program is based on a conservative oil price scenario of $50/barrel.
It plans to present an updated strategy March 11.