Skip to main content

Russia hoping to outdo Saudis over time in coronavirus-hit oil market

Russia opted for an approach based on uncertainty in its decision to leave the OPEC-plus deal, but is it punching above its weight?
RTX67GXX.jpg

MOSCOW — As the oil market experiences turbulent times, Moscow projects an image of a “calm power.” The breakup of the Russian-Saudi oil deal over production cuts known as OPEC-plus has helped cause oil prices to plummet to new lows and created associated geopolitical risks.

Following the end of the OPEC-plus agreement, Saudi Arabia dropped prices and said it will boost production.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.