"Prices war" against Russia will be extremely inefficient

If the Organisation of Petroleum Exporting Countries /OPEC/ wants to make any steps towards the "prices war" declared by a high ranking official from the OPEC Secretariat against Russia's decision not to prolong its export oil deliveries cuts, they will not prove to be very efficient, says an expert from the Centre for Global Energy Studies Leo Drollas. His opinion was published in Austria on Wednesday.

The statement, made by the OPEC conference president, the Nigerian President's Chief Energy Advisor Rilvan Lukman about the OPEC having "reserves and capacities" to protect the world markets from Russia's oil export dominance, does not quite correspond to reality, as many OPEC member countries "are already running short of their oil extraction abilities and reduced quotas observation. They have not the slightest intention to increase their oil exports, Drollas pointed.

"OPEC has an opportunity to gain "additional shares" at the world raw material markets, if they lower the prices to 12-15 dollars per barrel, but this decision will deliver a more serious blow on the OPEC member-countries than on Russia," Drollas believes.