Interesting comment I found on Oilprice.com (my bold) which would answer your question:
Interesting comment I found on Oilprice.com (my bold) which...
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Last
$27.34 |
Change
0.195(0.72%) |
Mkt cap ! $51.75B | |||
| Open | High | Low | Value | Volume |
| $27.23 | $27.47 | $27.15 | $52.61M | 1.900M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 9 | 1210 | $27.33 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $27.34 | 5685 | 22 |
View Market Depth
| Last trade - 13.42pm 06/06/2024 (20 minute delay) ? |
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Last
$27.34 |
Change
0.195 ( 0.75 %) |
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| Open | High | Low | Volume | ||
| $27.25 | $27.47 | $27.16 | 362643 | ||
| Last updated 14.01pm 06/06/2024 ? | |||||
| WDS (ASX) Chart |
Russia’s cooperation with OPEC under what has become known as OPEC+ is based on mutual benefits. It never meant that Russia should follow everything OPEC suggests. Russia believes that deeper cuts at current situation are futile. Furthermore, Russia’s economy can live with oil prices at $40 a barrel or lower compared with $85 or higher for Saudi Arabia and most OPEC members.
OPEC members should realize that the oil price ordeal is not the result of a weakness in the global economy leading to weak oil demand but is the result of the outbreak hindering oil from reaching its main markets. The minute the outbreak is contained and the global economy resumes its normal activities, oil demand and prices will recoup all their losses.
Therefore, the only thing that the global economy and OPEC members can do is wait and see.
Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London