A report by the Wall Street Journal highlighted the pivotal role played by Russia in reaching an OPEC + agreement to cut output, and that this gave Moscow great influence in the oil markets.
When the Organization of the Petroleum Exporting Countries (OPEC) met in December, it was in danger of collapse. Iran, Venezuela and Libya, members of the Organization, refused to cut production, and Qatar also announced its exit from the Organization.
Adding to this is the pressure on Saudi Arabia, a leading member of OPEC, by US President Donald Trump, to keep oil prices at a low level.
"The negotiations between the members of the Organization were subject to failure, but the rescue came from Russia, the producer of oil from outside the Organization, where President Vladimir Putin agreed to reduce Russia's production of oil with OPEC."
The newspaper said that it was not revealed the severity of the situation that prevailed in the meeting, "OPEC" and the crucial role played by Russia to find a way out of this crisis, all that was in December behind closed doors, noting that Russia has become an indispensable partner For "OPEC".
"Russia is now like an OPEC doctor," said Halima Croft, chief commodities strategist at RBC Capital Markets in Canada, and the
Wall Street Journal report comes at a time when OPEC is meeting in May for an important meeting, Officials said the fate of the OPEC + agreement, which contributed to support oil prices by reducing the participating countries production by 1.2 million barrels per day.