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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.

Some analysts and thinktanks, notably, the International Energy Agency, believe that the extension of supply cuts by OPEC+ to the end of 2023 will mean a substantial market deficit through the fourth quarter.

“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.

According to the sources, the government is considering imposing export duties of $250 per metric ton on all types of oil products, much higher than current fees, from October until June 2024 to tackle fuel shortages.

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”.

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