Klimkin: the agreement on the reduction of oil production – the worst defeat of Russia in 20 years

A new agreement on the reduction of oil production is “the worst, actually triple, energy in Russia’s defeat in 20 years.” This opinion Facebook expressed the ex-Minister of foreign Affairs of Ukraine Pavlo Klimkin.

“Formally, all reduced production by 23%, but Saudi Arabia last month deliberately did that, along with aggressive price reductions, therefore, actually won for a bonus of 1 million barrels. Agree, not bad,” he said.

Klimkin added that Russia “decided to play on the higher rates and to refuse to cooperate with OPEC.”

“She wanted to supplant shale oil producers from the United States and Canada and to punish the United States for sanctions against the “Nord stream – 2″. Saudi Arabia have drastically reduced the price of Russian oil has almost ceased to be sold in Europe and not only. As a result, Russia was forced to return, to agree to all of the key terms and suffered reputational damage that will be impossible to win”, – considers ex-the Minister of Ukraine.

Also, according to the diplomat, Moscow has damaged relations with many world leaders, especially in the middle East.

“To regain the respect in this region will be extremely difficult. In addition, energy resources have ceased to be “energy weapon” for the Russian Federation. If we add to this the reduction of Gazprom’s revenues in January and February doubled compared with the same period last year, lost lawsuits against Naftogaz and Polish companies, it is obvious that the method of energy blackmail no longer works”, he concluded.


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