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For how long will Russia “be friends” with OPEC?

Source: Khvylya / The Wave

Last week the price of Brent crude oil topped $70 a barrel – for the first time since 2014. It seems like most oil producers are not going to stop: the Energy Minister of Saudi Arabia called on the oil-producing countries to continue cooperation after year 2018. The main motive is to stimulate the growth of the price of oil and increase its own revenues. The OPEC countries have concluded the so-called “OPEC plus”  agreement regulating the volume of oil production, and Russia has become a participant too. At the same time, the threat these countries may face is growth in production in the United States after further growth in the price of the resource.

 

Inna Gordienko

PR-director of the Ukrainian Institute of the Future

+380 44 537-17-78

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