Saudi Arabian oil cut aids Russia OPEC+’s decision to cut oil production by two million barrels per day – the Saudi-led cartel’s largest production cut since 2020 – comes as the world battles soaring gas and coal prices


Brent crude oil (US$ per barrel)

1 Mar 6, 2020: OPEC and Russia fail to agree production cut as Covid lockdowns choke demand

2 Apr 9: OPEC and Russia agree to 10 million bpd production cut

3 Oct 14, 2021: Oil prices rise to three-year high on back of supply deficit forecasts. Benchmark Brent rises to $84.00 per barrel

4 Feb 24, 2022: Russia invades Ukraine

5 Jul 15: U.S. President Joe Biden travels to Saudi Arabia to appeal to Crown Prince Mohammed bin Salman for production increases

6 Aug 3: Opec+ agrees 100,000 bpd increase. Equivalent to just 0.1% of global demand, the increase is one of smallest since OPEC quotas were introduced in 1982

7 Sep 2: G7 agrees Russian oil price cap set to begin on Dec 5

8 Oct 5: OPEC and Russia announce production cuts equivalent to 2% of global supply from November.
Cuts coincide with U.S. midterm elections.
Brent edges higher to $93.95 after news. White House accuses Saudi Arabia of “aligning with Russia”


Jan 3, 2020: 68.623
1
2
Apr 22: 20.370
3
4
Mar 7, 2022: 118.870
5 
6
7
8

120 
100
80 
60 
40
20
2020 2022 2021


Sources: Bloomberg, Stratfor, Trading Economics 
Pictures: Getty Images 
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