OPEC’s Al Ghais says keen to extend deal with Russia beyond 2022

Haitham Al Ghais, Secretary-General, OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is keen to ensure Russia remains part of the OPEC+ oil production deal after 2022, Secretary General Haitham Al Ghais told Reuters.

OPEC and its allies led by Russia, have continued to co-ordinate on oil production policy against a volatile political backdrop as Western nations imposed sanctions on Russia for ordering troops into Ukraine in February, which Moscow calls a "special military operation".

Despite expectations for measures taken to reduce Russian oil supply by the end of the year, Russia is likely to remain part of the charter of cooperation signed between OPEC+ members in July 2019.

"We would love to extend the deal with Russia and the other non-OPEC producers ... it's very hard for me to imagine that the deal will not continue," Al Ghais said.

"This is a long-term relationship that encompasses broader and more comprehensive forms of communication and cooperation between 23 countries. It's not just in terms of production adjustment," he said.

Earlier this week, Al Ghais told CNBC that OPEC was not behind higher oil prices, but rather investment shortage in the oil sector.

Al Ghais replaced Nigeria's Mohammad Barkindo, who died at the age of 63 just days before he was set to finish his term at the organization.