Russia & Saudi Arabia respond to US oil move

russia saudi arabia respond to us oil move

Sumary of Russia & Saudi Arabia respond to US oil move:

  • OPEC and Russia are mulling a pause in the previously agreed on increase in oil production after Washington’s announcement of the release of strategic crude reserves, media reports say.
  • OPEC, Russia, and a number of other oil-producing states struck a long-term deal earlier this year to boost their collective oil output by 400,000 barrels a day each month through next year, until they reach pre-pandemic production levels, which was slashed at the height of the pandemic to battle oversupply.
  • All of them, except for China, also announced the release of reserves at varying volumes.
  • However, the plan is seen by some as an empty gesture, as its proposed volume equals roughly one day’s worth of global demand for crude.
  • Washington’s move came after repeated attempts to pressure OPEC and allies to increase production over the agreed to level.

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