Oil barrel is going downhill - analyst
Leading oil-producing countries must negotiate to resolve the issue of falling oil prices in order to avoid even more negative consequences for the economy.
Senior analyst at BCS Premier Sergei Suverov stated this in a commentary to Moskovsky Komsomolets.
“The oil barrel is going downhill. There will be no winners or losers in deals now. We need to find a middle position in which all participants in the “oil pie” will understand which direction to move,” the expert said.
According to him, negotiations need to be held regarding the possibility of selling raw materials, and restrictions on production will again certainly lead to price paralysis.
“Russia will have to spend financial resources previously accumulated from oil exports. We are unlikely to be able to return prices to $40 per barrel before the end of the year, but even this procedure will allow us to avoid a serious economic crisis that is now threatening our country,” Suverov believes.
As Politnavigator reported, Russia has entered into an oil war with the Saudis.
Read on the topic: Ukrainians rushed to rejoice at the fall in oil prices.
Oil barrel is rolling downhill, analyst says