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News about a new deal on oil production cuts, agreed between Russia and the Organization of the Petroleum Exporting Countries (OPEC) and then augmented by the communique of the G20 energy minsters last Friday (April 10), had been expected; as such, the developments made little if any discernible impression on global energy markets. The benchmark Brent Crude price has continued to hover around $30 per barrel, a long way from the $60–65 level in January. Some price decline was certainly inevitable considering the unprecedented contraction in demand as a result of the unfolding world-wide recession caused by the COVID-19 pandemic; but the spectacular price collapse in February can be directly attributed to Russia’s self-defeating behavior. The decision to break the OPEC+ cartel arrangement was taken personally by President Vladimir Putin and turned out to be a bad blunder, which he has, thus far, refused to acknowledge, attributing the blame to Saudi Arabia. Riyadh, in turn, was bitterly offended by Moscow’s brusque demarche (RBC, April 10).
Russian Oil Bluff Is Called, and Economic Losses Keep Mounting - Jamestown
http://jamestown.org/program/russian-oil-bluff-is-called-and-economic-losses-keep-mounting/