The Slow Demise of Russian Oil Production ...Middle East

For most of the last decade, OPEC and Russia, collectively referred to as OPEC+, have aligned their interests in maintaining high oil prices and set production quotas that furthered this goal. Saudi Arabia, OPEC’s largest member, has, as part of its Vision 2030 Initiative, a multi-trillion-dollar goal of diversifying its economy away from dependence on hydrocarbons and uses oil revenues to fund this initiative. Russia relies upon oil revenues for about a third of its general revenue, and to fund the war in Ukraine.  Both countries in…

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