Who will win in the oil war, Russia or Saudi Arabia? Explains Marcel Salikhov
On Monday, March 9, immediately after the opening of the auction, oil quotes collapsed by 30%. The cost of a barrel WTI dropped below $ 30, and the dollar exchange rate jumped up to 75 rubles. The cause of the collapse was the price war in the oil market, unleashed by Saudi Arabia against Russia after the disruption of the OPEC+negotiations. Members of OPEC and oil producing countries that are not part of the cartel, for the first time since 2016, could not agree on the regulation of oil production. Economist Marseille Salikhov explains the logic of the actions of OPEC players and estimates the damage to Russia with oil at $ 20 per barrel.
