The decision to cut oil production is positive in the short term, Sberbank’s CEO Herman Gref said.
“You can see how it already has had an effect. There has already been a jump in prices. In the short term it is a very positive step, but in the long term it is hard to predict,” Mr. Gref told journalists.
The Russian banker said that not all countries are part of OPEC. In particular, the United States is expanding its capabilities in terms of oil production. “Those that are not part of the cartel will increase their market share. It will be possible to estimate the strength of that alliance within six months because the biggest problem is always making sure that everybody adheres to the agreement,” Mr. Gref said. The countries need to take more deliberate steps of self-control, he concluded.
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