Is Russia Undercutting Saudi Arabia on the Global Oil Market?

14:00

More Videos

Religious autonomy of Turkish minority in Western Thrace undermined

What changes have Russians brought to Serbia?

Is President Trump backing down over Iran? | Inside America

Why does the Serbian community in the north of Kosovo leave?

Albanians call for government change

Israel in Lebanon: What's next? | Bigger Than Five

Theatres of War | Storyteller | Trailer

Israel's war and Lebanon's future | Bigger Than Five

Magic Mud | Storyteller | Trailer

From desert to smart cities: How drones are reshaping Saudi Arabia | NexTech

Global Economy & Markets

Is Russia Undercutting Saudi Arabia on the Global Oil Market?

Earlier this month during an OPEC + meeting in Vienna, Saudi Arabia, the world's largest oil exporter announced its latest production cuts, totaling one million barrels of oil per day which will come into effect on July 1. The move, which Riyadh has done at least twice since last October, aims to reduce global supplies and drive up oil prices and revenues for the kingdom. But the world's second largest oil exporter Russia, doesn't seem to be going along, as it previously pledged to do. Analysts estimate that Russia's oil exports are actually increasing, undercutting the Saudi move. Back in 2020, during the height of the COVID 19 pandemic, Moscow refused to cooperate with Riyadh on production cuts to stabilize prices, resulting in the Saudis flooding the market with oil to damage Russian companies. Could we see a repeat of the oil price war?