After the weekend, oil prices on stock markets fell by 8-9 percent. The price of Brent crude oil amounted to $25.13 per barrel. Oil prices fell after the Russian Federation withdrew from the oil deal with OPEC countries. The fall in oil prices led to the value drop of the Russian currency.
The oil war between the Russian Federation and the Persian Gulf countries, primarily Saudi Arabia, is the result and evidence of the ongoing global crisis. In addition to trade wars, this crisis has already manifested itself in the form of military clashes with the participation of Russia – the war in Syria.
Big Russian capital, once firmly on its feet, entered the international arena and making deals with the countries of Africa, the Middle East and Latin America. At the same time, one of the main markets for Russian goods – oil and gas – is located in Europe and partly in the USA. Before the crisis of 2008, there was enough space in these markets for both Russian capitalists and their competitors. However, the onset of the crisis led to a drop in energy demand, which intensified competition between Russian oil companies and Middle Eastern oil producers.
At the same time, the Russian capital is looking for both new sources of raw materials and new markets for its products, so it tries to get more African and Middle Eastern contracts. All this aggravates relations between the Russian capital and its competitors. In the oil trade, these are the countries of the Middle East.
The aggravation of another crisis will inevitably hit the well-being of the working people. We are already observing this on the depreciation of the ruble, which will soon lead to higher prices for many goods. Under these conditions, workers can defend their interests only through collective struggle.