If OPEC+ negotiations on oil production fail completely, the market can face a price war. Analysts do not consider such a scenario as the most probable, but do not rule out this threat.

“In the near term, the absence of an agreement will obviously mean that everyone will produce at their own discretion and will be close to a price war,” explained Alejandro Barbajosa, Argus Media’s vice president for the oil sector in the Middle East and Asia-Pacific region.

Strategist Helima Croft also predicts that if the negotiations fail completely, “there is a risk of returning to a scenario in which everyone will play for themselves.” In this case, prices will stop rising and begin to fall. “We do not think that this is very likely, but this cannot be ruled out,” she stressed.