Is the Russian Federation able to prevent the collapse of the world energy market?

President of the Institute, Marcel Salikhov gave a comment to Regnum on  the current foreign energy policy of Russia in the oil sector

Russia has unprecedentedly reduced its oil production, and this is a very serious factor in terms of stabilizing the situation on the world oil market. Marsel Salikhov, Director of the Center for Economic Expertise of the National Research University Higher School of Economics, told to the REGNUM Information Agency correspondent about this on September 28. Such he commented the words of the Russian Energy Minister, Alexander Novak, that Russia has assumed unprecedented obligations and will do everything possible to prevent the collapse of the «global world economy.»

«I think this refers to the OPEC + deal and the obligations that Russia fulfills," the economist said. — As to the world economy, perhaps, there is some exaggeration in the words of Novak. Rather, we should talk about the collapse of the energy market. If we talk about the collapse of the entire world economy, then it is worth remembering that the Russian economy occupies 3%. And it’s hard to expect that in this situation you will be able to save the remaining 97%. But if we talk about the oil market, then Russia has reduced its production unprecedentedly. And this is a very important and serious factor in terms of stabilizing the situation on the oil market».

To remind, as reported by REGNUM IA, earlier Salikhov said that stabilization is currently observed in the world oil market, but there are concerns about the second wave of coronavirus.