The West believes the decision to cut oil production undermines the Western economies, thus denying OPEC+ nations the right to pursue their own economic interests
On April 3, 2023, OPEC
published
a press release saying that a number of countries, both members of this cartel and those participating in the extended OPEC+ format, decided to cut oil ...
... special report on the history of the fight against pandemics in 14
th
, 17
th
and 18
th
centuries (the only thing that actually worked back then was the quarantine, too) and a package about the conversion (or rather not so much of a conversion) of the OPEC + into an OPEC ++.
Of course, there is a still a long way to go before the names of the members of the Saudi royal dynasty are referred to as easily as the actors of popular soap operas, but what’s to stay with us is the growing interest of the ...
As the OPEC+ deal has expired, Russia and Saudi Arabia remain at odds, though the United States offered encouraging words that production cuts might be negotiated
The Russian-Saudi feud over oil production has destabilized the market even as the industry faces ...
On July 23, 2017, Russia’s Energy Minister Alexander Novak told the Financial Times that Libya should join the oil supply production cut agreement brokered by Moscow and OPEC last December. Russia’s decision to target Libya, alongside Nigeria and US shale gas, surprised some observers, as Moscow retains tight links to military chieftain Khalifa Haftar, who holds de facto control over many of Libya’s oil-producing ...
... possible and 2) whether it is worth trying to influence the oil market. The answers to both questions will lead one to take a sceptical view of the prospects for a Russian-Saudi energy partnership.
To begin with, the possibility of Russia working with OPEC as a whole is fairly low, since that organisation is beset by internal dissent. The primary line of confrontation lies between Saudi Arabia's position, advocating a freeze on oil production, and the plans by Iran and Iraq to increase output. It was ...
... significant concern among major oil exporters, among the Russia and the countries of the Gulf Cooperation Council (GCC; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE). There have been significant calls for cooperation between the GCC states, other OPEC members, and Russia, with the goal of stabilizing oil prices. Whether or not a substantive agreement emerges remains to be seen. One of the biggest challenges faced by the oil exporters is the issue of building trust in a market that is currently ...
... cancelled by Riyadh, despite months of consultations that preceded the talks. From a formal point of view, Saudi Arabia did not act unilaterally ― it was joined by Qatar, the United Arab Emirates and Kuwait. And still, the Doha summit revived the OPEC cooperation mechanisms, where the undisputed leader (Saudi Arabia) imposes its will on the other Persian Gulf states and refuses to coordinate its moves with the other members of the oil club.
Iran, which skipped the talks, became the stumbling block....
..., it has to be noted that on January 11, 2016 (production is expected to be frozen at the level reached during this period), production hit an
all-time high
: Russia was producing 10.9 million barrels a day; Saudi Arabia 10.091 million barrels; and OPEC 32.3 million barrels, far in excess of its quota. So, even if the agreement comes into force, no serious price growth should be expected, and there will still be an oil glut in the market.
Even if the agreement comes into force, no serious price ...
... of energy.
This anxiety has chiefly been caused by the numerous unexpected events in July and August, which saw the lifting of sanctions against Iran, disappointment in the pace of growth in the Chinese economy, the situation in the Middle East, and OPEC member countries’ policy. Meanwhile, the oil price is a key factor determining the economic development of many countries, including Russia, where oil production and sale accounts for over
40 percent of revenues
to the federal budget, among ...
... markets throughout the globe. Some even argue that the 1986 oil crisis predetermined the collapse of the Soviet Union.
Analysts draw parallels between the oil price dynamic in 1986 and 2015 based on similar trends that prevail in the market at the time. OPEC’s decision to sustain daily oil output over supporting the price of crude is one of such factors. Analysts also single out rising volatility and falling US Treasury yields as other contributing factors.
In theory the global oversupply of oil ...