For the first time since 2008, OPEC countries agreed that oil production should be reduced. Up to the fact that on November 30, 2016, an agreement was signed, which even determined the norms of oil production for both OPEC countries and those who are not part of it. Russia supported the idea, but is skeptical. Let’s see, they say, whether the OPEC countries themselves will keep their word, because Saudi Arabia has already established itself as an extremely unreliable partner.
But the United States remained silent. Rather, they refused, referring to the fact that they are prohibited by law from supporting cartels. But the background is more than clear – the country produces oil, and now that there is an opportunity to make money, the United States clearly does not want to miss this opportunity. And not without reason, because the price of oil has almost doubled.
Against the backdrop of general excitement, Saudi Arabia sharply lowered the price of its oil, now a light grade of oil is cheaper by $ 1.7. Is the country once again proving its unreliability? Not at all, because the agreement will come into force only from next year, so almost all countries seek to extract as much oil as possible and sell at high prices. And this may well lead to the fact that the price of oil will fall to the level of “before the agreement”. Is Saudi Arabia sawing the branch on which it sits? Time will tell.
