An agreement between Saudi Arabia and Russia to cut production under OPEC + could be a small ceasefire in a price war.
Axar.az reports this claim was made by S&P Global Ratings.
The company claims that as soon as oil prices return to normal, Riyadh may return to the practice of double-digit discounts to remove Russia from the market.
“This war has been suspended. It is not profitable for both players to continue the price war in the current situation,” said Alexander Gryaznov, S&P Global Ratings’ representative in Russia.
According to him, after the return of oil prices to $ 50-55, the war for markets will resume in 2021.