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RNFTF - Russia Doesn't Have A Lot Of Options But To Agree To A Big Production Cut
Rosneft Oil Co OJSC
Welcome to the "not a lot of choices here" edition of Oil Markets Daily!
When Igor Sechin, head of Rosneft (RNFTF), decided to pull a 180 on the Saudis thinking that he was outsmarting everyone by being a bully, he never calculated that 1) oil prices would fall below $30/bbl and 2) demand hit from coronavirus would be so severe. Now that Russia is being hit by the coronavirus, the drop in domestic demand combined with reduced demand in Europe means that higher-cost producers in Russia will be forced to a shut-in.