Russian and GCC Perspectives: OPEC, Russia, and falling oil prices

... levels of crude oil stored in various facilities across the globe. Moreover, as renewable energy alternatives, as well as natural gas, continue to expand, the demand for oil is becoming more price elastic, too. In such a competitive environment, what OPEC, the GCC countries, and Russia think of each other, and what they hope to achieve together, is irrelevant. Producers will act unilaterally, and prices will reflect demand and supply fundamentals, without the complications posed by cartel activity. 1 . Владимир ...