The shaking of the oil shale in the u.s. is being felt up in Riyadh and Moscow. To replicate to the american competition which was driving the price of oil, the Organization of the petroleum exporting countries (OPEC) and Russia had decided in November 2016 to reduce their oil production. The main objective : to reduce the supply and world inventories and push for a price rise.
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The oil re-engaging with the mégaprofits but remain cautious
With a discipline that surprised observers, the members of the cartel oil, Russia and several countries of the former soviet space have managed to reduce their production. With the key being a serious rebound in the price of a barrel of crude, increased from 42 million in June to 62 million in February.