Russia and OPEC countries can save on oil prices by reducing fuel production. This may be because oil prices fell during the banking crisis in the US. In this respect writer Nihon Keizai.
“If prices continue to fall, OPEC and OPEC+, which includes major oil producing countries, including Russia, may go for additional production cuts,” said Goichi Iwama, professor at the University of Wako.
The publication pointed out that a decrease in oil production would be necessary in order for the financial balances of producing countries in the Middle East to become unprofitable due to the very low current fuel prices.
Market experts added that there is a risk of increasing downward pressure on the economy. This may cause a decrease in the demand for oil.
March 15 oil prices in the world markets in half an hour fallen To 21 December 2022 level. May futures for Brent on London’s ICE Futures exchange fell to $75.98 a barrel at 13:59 Moscow time.
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.