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?
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.
