Russia and OPEC could abandon oil agreement on market shares
According to information provided by the Russian finance minister, the country and OPEC could suspend an oil pact to start fighting market share
Russia and the Organization of Petroleum Exporting Countries (OPEC) are studying to boost their production to fight market shares with respect to the United States. Such a decision would lead to a fall in oil prices.
It is estimated that prices could fall as low as $ 40 per barrel, as reported by the Russian news agency TASS, quoting Finance Minister Anton Siluanov.
Anton Siluanov, in statements offered in Washington, expressed: “There is a dilemma: What should we do with OPEC? Losing the market, which is being occupied by the Americans, or abandoning the agreement?”,
The Russian authority also said that in case of ending the agreement oil prices could plummet to $ 40 per barrel or even less for a year or so.
However, until now a decision on the pact has not been made. Nor is it known if the countries that make up the Organization of Petroleum Exporting Countries would agree to such a scenario.
It is worth emphasizing that the alliance known as OPEP + has been – since January and for six months – reducing pumping by 1.2 million barrels per day. They are scheduled to meet in June to decide the future of the pact.
L.Sáenz
Source: Entorno Inteligente
