On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic . [ 1 ]

Mar 3, 2024 · NEW YORK (AP) — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday.

Sep 6, 2023 · DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

Oct 13, 2022 · Last week, the OPEC+ group of oil producers, including Saudi Arabia and Russia, decided to cut oil output by 2 million barrels per day, leading to anger in Washington, with members of Congress...

Dec 5, 2024 · OPEC plus countries Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April 2023 and November 2023 held a virtual meeting on the sideline of the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM).

Jun 6, 2023 · Leading oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in crude supplies to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. drivers and helped ease inflation worldwide.

Sep 5, 2024 · In August 2024, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, and Oman, conducted two ministerial discussions with Iraq and Kazakhstan. Both countries were urged to achieve full conformity and compensate for …

Nov 3, 2024 · The OPEC Secretariat noted that the eight OPEC+ countries Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April and November 2023, have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for ...

Dec 7, 2023 · Saudi Arabia and Russia, the world's two biggest oil exporters, called for all OPEC+ members to join a deal on output cuts.

Nov 29, 2023 · Saudi Arabia and Russia are leading the way, with cuts of 1m barrels a day (b/d) and 300,000 b/d respectively; the rest of opec + is together contributing another 3.7m b/d in cuts.