Is Russia Undercutting Saudi Arabia on the Global Oil Market?

14:00

More Videos

Albanian students fight for their native language

Emigration: A demographic problem or a threat to economy?

Washington and Beijing: Rivals or partners over Iran? | Inside America

Overbooked | Series | Trailer

Inside Konya, Türkiye’s Historic Heart | Where to Next?

Mining in Serbia’s Bor contributes economy but poses risks to health and nature

Bosnia and Herzegovina confronts Croatia over nuclear waste facility

Sanctioning settlers: EU pressure or political cover? | Bigger Than Five

Konya beyond expectations | Where To Next

Sanctioning settlers: Is it enough? | Bigger Than Five

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?