For instance, Russia has stated it would not cut production even if oil dipped below $60 per barrel.
“In a situation like this, it is difficult, if not impossible, for the kingdom or for OPEC to take any action that would reduce its market share and increase the shares of others, at a time when it is difficult to control prices,” Ali al-Naimi, Saudi Arabia’s oil minister, said in the Reuters article.
Moreover, the International Energy Agency does not expect a rebound in oil prices anytime soon, reports Tom DiChristopher for CNBC. The IEA points to diminished demand growth next year from former Soviet Union area, China and a number of oil-producing countries.
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