The UAE predicted "unprecedented" prices due to the rejection of Russian oil

He told Bloomberg that without increased investment around the world, OPEC+ will not be able to guarantee sufficient supplies of raw materials, although demand has now begun to recover from the pandemic lull.

Currently, oil prices are “far from their peak” because China has not fully returned to the market.

Recall that at the end of May, it was reported about a possible discussion in OPEC of the suspension of Russia's participation in the organization against the backdrop of anti-Russian sanctions, which led to the fact that the country would not be able to increase oil production. This year it is expected that production in the Russian Federation "will be reduced by about 8%."

Back in 2021, Russia agreed with OPEC and nine countries outside the organization to increase oil production every month.

On June 2, OPEC+ countries increased oil production quotas to 648,000 barrels per day instead of 432,000 in July and August. Russian Deputy Prime Minister Alexander Novak indicated that this would balance the oil market.