Alekperov called exhausted the potential for OPEC to influence the oil market

The organization of countries — exporters of oil (OPEC) in its present form is unable to perform the function of the regulator and should be reformed, said the President of oil company LUKOIL Vagit Alekperov.

“OPEC needs to be reformed. She needs to develop new instruments in order to coordinate [the exporting countries],” he said in an interview with Die Welt. In the current form of the organization has no future, said the head of LUKOIL. “The possibilities have been exhausted,” — concluded Alekperov.

Earlier in February, OPEC Secretary General Abdullah al-Badri said that American companies, extracting shale oil can easily increase production and to meet the shortage of hydrocarbons if the oil price will rise due to the reduction of production in other countries. “I don’t know how we will live with it,” said al-Badri. “Any rise in prices will immediately react to the shale industry and will stop all reduction of volumes of extraction”, — he explained then.

According to him, OPEC has never had to deal with the source of oil that can so quickly respond to changing prices and to fill in the missing volumes.

On April 17, the Doha talks were held about the possibility of freezing of oil production. They lasted six hours and ended without the signing of the agreement.