Saudi Arabia and Russia draw closer amid OPEC upheaval
Key takeaways
- As Saudi Arabia and Russia deepen cooperation, their combined influence over global oil supply is growing.
- Together, they account for over 20% of total world oil production.
- This gives them significant control over supply, despite Western sanctions and price caps on Russian oil following the war in Ukraine , and disruptions caused by the Strait of Hormuz blockade.
Why this matters: an international story with cross-border implications worth tracking.
As Saudi Arabia and Russia deepen cooperation, their combined influence over global oil supply is growing. Could this shift the balance of power in energy markets?
https://p.dw.com/p/5Ei8k Despite different military alliances and wars in Ukraine and Iran, crude oil is the tie that binds Russia and Saudi Arabia Image: Vladimir Smirnov/TASS/picture alliance Advertisement Russia and Saudi Arabia each produce between 9-10 million barrels of oil a day. Together, they account for over 20% of total world oil production.
This gives them significant control over supply, despite Western sanctions and price caps on Russian oil following the war in Ukraine , and disruptions caused by the Strait of Hormuz blockade.