The Davos forum participants are mostly oil importing countries and aren’t interested in interfering with OPEC’s policy, since they receive billions in benefits from falling oil prices, ex-Russian finance minister Aleksey Kudrin told RT.
In November OPEC decided against cutting oil production and let market forces balance the price. No one plans to stop it or come up with other decisions, said Kudrin ahead of the forum in Davos.
“Moreover, the world is interested in OPEC staying onside, as the whole world receives benefits of around $1.5 trillion from falling oil prices, since it cuts spending on energy products,” he said.
“This adds more than 1 percent to global economic growth, that’s why mostly consumers, importers of energy products gathered here. They are not interested in the situation changing and prices starting to rise.”