It is now on another level the hybrid war between Russia and the Westas a further cut in daily oil production announced by OPEC caught markets and organizations off guard, causing jitters in relations with Western countries as well, adding a significant advantage to Russia and Vladimir Putin.

The reduction in daily production is expected to have direct consequences on the price of gasoline and petroleum derivatives, but also on the levels of inflation, and therefore on prices, and also on bank interest rates. In addition to the above, Putin also benefits, as the reduction in production from its member countries OPECputting further pressure on non-oil-producing countries, which are likely to seek new deals with Moscow to supply oil, above the $60 a barrel ceiling set for Russian oil.

The first consequences of OPEC’s production reduction were immediately noticeable. With the Organization’s announcement, there was an explosion in oil prices of up to 8%, above 85 dollars a barrel.

According to the first analyzes of the experts, it is estimated that in a very short time, the price of the barrel will break the barrier of 100 dollars per barrel, which may bring about a new cycle of energy crisis. Natural gas has already started to “pinch” upwards, while the brawl between Russia and the West continues, with unpredictable results.

International analysts note that behind the OPEC decision is a clear collusion of Russia with Saudi Arabia, in order to pressure the West and break the front of the embargo on Russian oil, causing a domino development at all levels. Already, information from the Asian Media speaks of Japan’s decision to return to Russia for the supply of oil, buying at a price of more than 60 dollars a barrel and breaking the common front of the G7 opposite Moscow.

According to estimates, the price of a barrel cannot be ruled out to reach 110 euros by the end of 2024, provided that OPEC does not proceed with further production cuts, with the aim of putting even more pressure on the West.

THE UBS is more optimistic, estimating that in June the barrel will rise above 100 dollars, falling however in December to 95 dollars.

Jonathan Robinsondirector of Energy Research at Frost & Sullivan, said: “So everything points to coordination between Russia and Saudi Arabia and it’s clear that they want to see oil rise to the level of $80-$90/barrel where it was in mid-March to trade below $70 in some indices”.

Rob McNally of Rapidan Energy Group said: “If you believe, as OPEC believes, that demand will recover in the second half of the year and that sanctions will hurt Russian production, then these cuts, if they remain, will tighten the market very much , will send prices well above $100/bbl. In the second scenario, the recession will push prices in the region of 70-80 dollars per barrel.”