“From the point of view of Russia's interests, this deal is simply meaningless. By yielding our own markets, we remove cheap Arab and Russian oil from them in order to clear a place for expensive shale American. And to ensure the efficiency of its production, ”said Leontiev RIA Novosti.
Thus, the agreement does not affect the market because the supply volume does not change, he said.
“Of course, even under the current conditions, it would be possible to reach some kind of agreement with partners. But the proposal that was made was not a partnership .... Simply, our volumes are replaced by the volumes of competitors. This is masochism, ”added Leontyev.
He noted that the real content of the deal was that all the volumes of oil that were retired during the repeated renewal of the OPEC + agreement were "completely and quickly replaced in the world market by volumes of American shale oil."
Earlier, OPEC decided to adjust the recommendation under the OPEC + agreement, proposing to further reduce oil production by 1.5 million barrels per day until the end of 2020, and not only in the second quarter.
At the March 6 meeting, the OPEC + countries were unable to agree on either an additional reduction or extension of the transaction under current conditions.
As noted by Russian Energy Minister Alexander, the increase in oil production by Russia since April, when the restrictions on the OPEC + deal end, will depend on the plans of the companies.