Is Russia Undercutting Saudi Arabia on the Global Oil Market?

14:00

More Videos

Why do Albanians living in Serbia have to fight for recognition?

Will Kosovo’s third election be the last?

Palestine: Actors speak out | Bigger Than Five

EU warns Bosnia and Herzegovina on US-backed pipeline project

Bosnia and Herzegovina is on track to reduce dependency on Russian gas

How much will Americans pay for war? | Inside America

America’s energy shift: The forgotten coal miners | My America

‘Take Me to America’ song unites the Balkans

Have Bulgarians voted for Radev or against the system?

Aid workers under fire: no end to impunity? | 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?