US media have warned about the creation of the oil cartel led by Russia

Russia aims to create a new cartel, which controls may be almost three-quarters of the volume of world oil production. With such a warning acted as the American edition of Business Insider.

Its impact on the oil-producing countries, notes the edition, Moscow began to strengthen after the intervention in the negotiations of OPEC member countries to freeze oil production. At the same time Russia was able to convince to take this step, even long-time ally of the United States - Saudi Arabia, whose relations with Washington deteriorated after the nuclear deal with Iran.

“Saudi Arabia had to find a new ally to protect their interests in the Persian Gulf, taking into account the threat posed by the Islamic State (IG, an organization banned in Russia) and Iran. Although Russia and Saudi Arabia are at opposite positions on the Syrian issue … a serious drop in prices can create a window of opportunity for an alliance between Russia and Saudi Arabia, “- says Business Insider.

Freezing of oil production at the level of January 2016 by itself does not make any sense because of its record volumes. However, if Moscow manages to negotiate with Iran, who wish to increase their production of fuel after the lifting of sanctions, and other Gulf states, in particular in Iraq, Moscow has de facto become the leader of the leading oil-producing countries in the world, accounting for almost 73 percent of world oil supply , notes the publication.

In addition, Russia was in favor of giving up settlements in petrodollars and has concluded agreements with its partners on settlements in national currencies in oil trading. In the case of the creation of a new cartel, which Business Insider calls ROPEC (Russia and OPEC), the probability of failure of petrodollars will rise sharply.

“The cartel of the world’s largest oil-producing countries led by Russia violate the current balance of power Due to the potential meeting [OPEC countries and Russia] in mid-March will go far beyond the discussion of the reduction of oil production.” - The paper concludes.

March 3, Venezuelan President Nicolas Maduro said that in the coming days will be a meeting of oil-producing countries, such as non-OPEC and non-OPEC. According to him, at this meeting the participants are going to make a commitment to freeze oil production at least until June.

March 1 Russian Energy Minister Alexander Novak said that more than 15 countries publicly confirmed their readiness to freeze oil production at the level of January 2016.

8 March 2016

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