Fighting for Markets: It Is Almost Impossible to Prevent the Decline in Oil Prices
Due to the failure of the OPEC+ agreement to reduce oil production, prices for black gold fell by almost 30 percent to their lowest level since 2016. Saudi Arabia announced that from April it will sell oil at discounts of $6-7 and increase production by more than 10 million barrels per day. Some experts called this the beginning of price wars in the energy market. Following oil prices, exchange indices around the world spiralled. The situation is fuelled by the economic difficulties caused by the spread of coronavirus. Alexei Grivach, Deputy General Director of the National Energy Security Fund, discussed in an interview with valdaiclub.com what will happen next.