Veli-Pekka Tynkkynen provided comments on the recent oil price collapse due to the Opec deal collapse for the article titled “Venäjä raottaa ovea yhteistyölle Opecin kanssa – hintasodassa liennytyksen merkkejä” (Russia is opening the door to cooperation with OPEC – signs of détente in the price war).
The oil price war that started over the weekend showed signs of easing on Tuesday, as Russia announced its readiness to resume cooperation with Opec, Organization of the Petroleum Exporting Countries.
Veli-Pekka Tynkkynen, Associate Professor at the University of Helsinki, who researches Russia’s energy policy, estimates that Russia’s decision to secede production cuts may be based on Russia’s desire to show its power to Opec.
Although Russia has blustered to cope with low oil prices for years, its economy is still completely dependent on oil.
The article is published in Keskisuomalainen and can be read online.