Oil prices reached the highest point since February 2020 this week after Saudi Arabia’s surprise announcement at the monthly OPEC+ Ministerial Meeting that it would voluntarily cut an additional 1 million barrels per day from its oil production. This extra cut--by the only true swing producer in the group--more than offsets the increases in production granted to Russia and Kazakhstan, and is a completely different outcome to that which analysts and industry experts had expected.
Saudi Arabia and Russia--the two most powerful members…Russia Has Won Its Oil War With Saudi Arabia
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