Experts: Saudi Arabia defeated Russia in the oil war

Saudi Arabia, OPEC disrupted the transaction+ and expecting to get from this certain dividends, was the loser. As writes the Turkish newspaper Anadolu, Russia was prepared for the consequences and eventually won.
According to the article Turkish Explorer Firdevs Yuksel, Saudi Arabia, called to collect the OPEC meeting to find a "fair solution", "clearly and unequivocally" admitted defeat in the price war with Russia.
According to experts, Riyadh will not be able to continue the pricing war with Russia. Saudi Arabia, undertaking the cancellation of the deal with OPEC, expected to emerge from this situation a winner. However, Russia was not going to give in, and given a "safety cushion" of Moscow and the pressures of Washington, Riyadh "signs the act of surrender."

- said the expert Mamdouh Salama.

Meanwhile, according to experts, the new agreement, OPEC will have little effect the oil market, falling demand and oil prices will continue, regardless of the quotas, future production cuts.

At the same time to Express the opinion that despite the upcoming negotiations today in the framework of OPEC, Riyadh and Moscow will not agree because the proposed reductions of 10 million barrels per day will not save the situation. And more no one will agree.

Earlier it was reported that Russia is ready to make a deal to reduce the level of oil production with simultaneous reduction of production volumes in other countries, including all OPEC countries, but major exporters such as Norway, USA, Mexico, etc.

Meanwhile, it became known that Sovereign Fund Saudi Arabia started to buy stakes in oil and gas companies of Europe, using lower than their price in terms of falling oil prices and pandemics coronavirus.
According to the newspaper The Wall Street Journal, the Saudis in recent weeks has acquired stakes in Norwegian Equinor, Anglo-Dutch Royal Dutch Shell, French Total and Italian Eni for a total amount of about $ 1 billion. It is predicted that the purchase of shares of European companies will continue.