Impact of OPEC Member Countries' Interaction with the Russian Federation on the Oil Sector

Abstract

The purpose of the research is to study the causes, course, and main motives of OPEC's interaction with the Russian Federation, as well as to analyse the positions of each of the parties and determine the potential consequences of interaction within OPEC+ for the global oil market. The study examined the specifics of OPEC's cooperation with oil-producing non-OPEC countries, primarily with the Russian Federation. The results highlighted the significance of the Declaration on Cooperation as a fundamental document regulating the restriction of oil production on the world market between OPEC member countries and non-OPEC oil-producing countries. It was concluded that the interaction between OPEC member countries and Russia within the framework of OPEC+ affected the global oil market and regulates it in a certain way. Decisions within OPEC+ to reduce or increase the production of this resource affect global oil prices.