If oil prices were to drop materially amid ample supply, the revenue hit on Russia could be big.
The
has now revised down its estimates of global oil demand growth for the third consecutive month, expecting Chinese consumption to continue to underperform earlier projections. Yet, alliance, Saudi Arabia, has ditched its unofficial goal of bringing oil prices to the $100 per barrel mark and could be looking to “discipline” non-
cuts in force since last summer, Saudi Arabia is also voluntarily keeping another 1 million bpd off the market. It has been strictly sticking to its plan to produce “around 9 million bpd”—it has been consistently in line with its targeted oil output over the past year. So, the Saudi frustration with losing market share while prices are stuck below $80 per barrel, even in the face of heightened geopolitical tensions, is no surprise.
Oil Oil Revenue Sanctions OPEC Oil Production Output Cuts
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