What can we say here - the next ministerial meeting within the framework of the OPEC + agreement was held so quietly and, as they say, in a working, business atmosphere that it could have gone completely unnoticed by the mainstream world media. If at it, at this very ministerial meeting, and, of course, in the same working, business atmosphere, issues in practical application were not resolved, which are vitally important, without exaggeration, for all more or less civilized mankind.

And the point here is not even the already notorious gasoline prices, on which almost everything depends in this insane world, including, by the way, the American internal "electoral democracy", although this issue is indeed very painful. In fact, absolutely everything in the world is sewn into oil prices, including the cost of food and other necessities, which, unfortunately, for some reason, not everyone, including the expert community, understands. Unfortunately, even in disputes about the "monetary" or "non-monetary" nature of inflation. Therefore, it is necessary from time to time, so to speak, to explain.

Anyway. Another thing is more important here - the current ministerial meeting has confirmed, perhaps, the most important thing: the OPEC + agreement is now almost the only internationally formalized platform capable of truly effectively managing complex global economic processes (in the area of ​​its own competence, of course). And this management is carried out often with irreparable ideological, political, even military-religious contradictions among the parties to the agreement (I hope that no one needs to remind anyone about the mutual "love" of Shiite Iran and the Sunni Kingdom of Saudi Arabia). Including through building a flexible system of compromises. And it's not that the conflict between Saudi Arabia and the UAE was completely extinguished - everything seems to have already moved to a personal level there, and in the Middle East such things are not quickly extinguished.- but some mutually acceptable compromise was still worked out.

So. As follows from the final communiqué published following the meeting, as expected, at a meeting on Sunday, the participants in the OPEC + agreement, in less than an hour, approved a decision to restore oil production by the end of this year, as well as to extend the agreement after April 2022, when it expires. There is nothing surprising in this, in general, no, the negotiations were active, although not very publicly (but also not really hiding - there is nothing special to hide) all the past two weeks were conducted, and the parties, if you sort it out, just went to today's meeting with a pre-agreed solution that just had to be formalized.

Moreover.

The ministers of the countries participating in the agreement not only fully supported the plan to increase oil production by 2 million barrels per day until the end of this year, but, in fact, quite confidently outlined the contours of this agreement, so to speak, of unlimited duration.

And now we can safely say that this will be a kind of systemic and basic instrument in the regulation of global oil production, at least in the mid-term historical perspective.

At the same time, after May 2022, for some countries, the agreement will adjust the base level of production (which is why, in fact, all the fuss between the "friendly Arabian powers" flared up), from which quotas for oil production are calculated. 

By the way, here it is necessary to note the elegance of the Arab solution itself: the base level of production was simply adjusted not only for the UAE, as the latter insisted on, but also for the rest of the parties to the agreement.

So, for example, for the main players, the Russian Federation and the Kingdom of Saudi Arabia, it will be increased from 11 to 11.5 million bpd.

For the main complainants themselves from the UAE - from 3.17 to 3.5 million b / d.

For Iraq - from 4.65 to 4.8 million bpd, for Kuwait - from 2.8 to 2.96 million bpd.

However, specifics are not the main thing here - so, particulars.

And Moscow here quite rightly took a step aside, leaving the Arab partners to find out everything among themselves - in the East, I think, they appreciated this.

And, without much hesitation, they put Moscow alongside and on a level with the main player and beneficiary of OPEC Riyadh.

And this, of course, is good.

Because in the rapidly moving towards chaos (or, at best, decentralization and regionalization), the global world should have at least some effective regulatory and coordinating management mechanisms.

Otherwise it’s quite a disaster.

And the OPEC + agreement mechanism that proves its obvious efficiency, which cannot be ruled out, may turn out to be a kind of prototype, a model for the creation of such institutions in the era of post-global humanity.

However, this is still far enough away.

In the meantime, the world economy should be trivially grateful to OPEC + at the operational, as they say, level for a purely positive role in the elementary establishment of human order and the achievement of at least some kind of stability in one of the most problematic and painful sectors of the markets for the global world.

And the point here, in fact, is not even about global oil production, but about global energy in general.

In fact, the OPEC + participants, due to a fairly simple and understandable system of agreements and, most importantly, their, these restrictions, more or less disciplined execution were able to develop a mechanism not only for regulating production during the crisis. But also, pay attention, they actually blew off the global oil bubble. And thus they achieved not only sane regulation of oil prices, but also - for some reason little attention is paid to this - they intercepted the initiative of this regulation from the "paper oil tigers" from the American, primarily, commodity exchanges. Which until recently, you remember, could drive prices into negative values ​​only due to "market mechanisms", which, however, classical textbooks denote by a much more precise definition of "speculative". Now, figuratively speaking,this "price-forming mechanism" is slowly moving from New York to Riyadh, with Moscow's friendly neutrality.

As for the role of Moscow in all these equations (which naturally interests us the most), then its position is defined simply and almost officially: “a privileged partner”.

The position, by the way, is quite defended, because without such a partner, the work of this mechanism is generally impossible.

There is no need to invent anything, just remember how willingly Riyadh is going to meet Moscow halfway (what is a smart person to do here - Riyadh is in many ways - this is OPEC, just like OPEC + is in many ways Riyadh plus Moscow), when Moscow suddenly needs an increase in production for domestic markets (for sowing in this case).

The explanation for such loyalty, as always, lies on the surface.

And if we manage in that very post-global world, which for some reason is more habitually called multipolar, even just keep our current positions - this is, in general, a rather serious success.

As for the rest, it was boring, of course, was the OPEC + ministerial meeting.

Formal.

And the short one: they formalized and signed the documents prepared in advance.

Simply because this is how really big things are done.

The point of view of the author may not coincide with the position of the editorial board.