"If we never had an OPEC or an OPEC equivalent managing price we probably wouldn’t be in all the troubles we have with these ups and downs," Matzke said commenting on the current low oil prices.
The LUKoil board member continued that now it is probably impossible to return to a global oil market that follows exclusively economic rules.
"The energy business, the commodities we deal with, gas, coal and oil are so abundant, so prevalent, and so in need with the number of people we have today, you can not rearrange this thing so it follows normal economic rules," he said.
Matzke commented that the major players of the world oil market would have to persuade Iran through negotiations not to overproduce oil, which could hinder the resolution of the current issues in the energy market.
"I think they [major players] will have to work with Iran in some way, shape or form in order to be certain Iran doesn’t go overboard on its own production and preclude a reasonable resolution of today’s problems," Matzke stated.
The LUKoil board member added that by major players of the oil market he means Saudi Arabia, Russia, and the United States that are producing 10 million barrels a day.
In mid-January, the sanctions were removed against Tehran enabling it to become an active actor on the global oil market. At present, Iran is keenly discussing developing the long frozen oil exports with numerous foreign companies that flocked to the country.
