OpEC+ is expected to announce further oil cuts next week, most likely at Russia’s urging.
The Rouble meanwhile opened Monday with a continued weakening against the dollar. 96.58 at last I checked. Still south of 100, but it marks the start of 4th week that has seen it north of 90 against the dollar.
Remember, pre-war Russia was trading 50-60 on the dollar, and was flush with foreign currency. Only after an absolutely insane amount of economic controls have they been able to stabilize the decline.
The OPEC+ cuts will continue a trend of the cartel attempting to boost oil prices for their own gain and to indirectly support Russia. However previous production cuts haven’t done much to raise the price of crude. With their largest cut a few months ago barely moving the needle.
They’re also likely hurting themselves in the long run. Renewables and natural gas have both started to eat up market share, and production cuts won’t help. In attempting to boost their short-term profits and support war profiteering, they may end up hurting themselves in the long run.
Remember, Russia choking off Europe from fuel led to the single largest investment increase on the continent for renewable energy.