Russia and Saudi Arabia to end its brutal price war and are currently pushing dozens of major crude producers to the agreement, which will cut production and help stabilize the market, shaken by the pandemic coronavirus.
About it reports “Hvil”.
Marathon conference between members of OPEC and other major energy powers on Thursday ended with a preliminary agreement to reduce production to 10 million barrels per day in may and June, the lowest rate ever agreed global oil producers.
But, according to a military-political commentator Alexander Kovalenko, what is most interesting in this agreement is the formula which will be reduced. In may-June, production by Saudi Arabia and Russia will be reduced by 23% from baseline values of 11 million barrels per day. So Saudi Arabia and Russia will be conditional to pump about 8.5 million barrels per day.
And here begins the most interesting. The point is that Russia today is pumping 11.2 million barrels per day, a decrease in the total of 2.7 million barrels per day. Not 300 thousand barrels, is her a month ago offered the Saudis, but the Russians made a scene and slammed the door. Not 1.5 million barrels on which the Russians agreed this week. And not even the 2 million who recently emerged on the sidelines of the OPEC + regarding discussion of punishment for defiant Russia. 2.7 million barrels per day – almost two times more than was agreed cornered the Russians this week, and nine times more than a month and a half ago.