Russia and Saudi Arabia

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Saudi Arabia declared war on Russia, again collapsing oil prices


Saudi Arabia declared Russia a war in the oil sector and collapsed oil prices.

OPEC + members could not agree on new limits for daily oil production, as a result of which Saudi Arabia collapsed the cost of raw materials, declaring, in fact, Russia’s war amid the refusal of the latter to reduce oil production, as a result of which the price of oil went down sharply.

“World oil prices have again come under pressure from the OPEC + negotiations, which are currently ongoing in video format between members of the Organization of Petroleum Exporting Countries (OPEC) and non-cartel states. This is evidenced by trading data. The price of the June Brent futures after new negotiation details fell by more than 3 percent, to $ 31,67 per barrel, while the May futures for the supply of WTI crude oil fell by more than 5 percent, to $ 23,24 per barrel. ”- сообщает "Lenta.ru".

Considering the fact that the last oil price record was set at $ 21,65, experts do not rule out that if agreements cannot be reached, it is obvious that the price of oil may even go down to $ 15-16, which will catastrophically hit Russia the economy.

What exactly is the volume of oil production cuts that will suit Saudi Arabia is not known, however, experts believe that Russia will be forced to yield in this dispute.

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