Russia is not likely to win a price war against OPEC, Duma deputy Ivan Grachev noted in an interview with RBC. He stressed that Russian authorities are not regulating the ruble/dollar exchanger rate properly and the balance between the exchange rate and inflation is relative. In the event prices for oil plummet and Russia stops receiving large oil export revenues, authorities will be able to keep the situation in this country stable only for a maximum of 6 months, the deputy noted. Commenting on the situation in Saudi Arabia and United Arab Emirates, Grachev said that these countries have huge oil reserves and are able to increase or decrease oil production by 2 million barrels day. In other words, if OPEC starts a war against Russia and brings oil prices down to $10 per barrel or lower, Russia will face catastrophic consequences while other exporters will survive this plummet.
Chinese President Xi Jinping warned his new US counterpart Joe Biden not to push Europe into an alliance against Beijing