Saudi Arabia and Russia win big in gamble on oil cuts

Forecasters are predicting a worldwide deficit of 3.3 million barrels a day in the fourth quarter. (Image: Getty)

Fri, 29 Sep 2023

Saudi Arabia and Russia have raked in billions of dollars in extra oil revenues in recent months despite pumping fewer barrels after their production cuts sent crude prices soaring.The cutbacks were a risky strategy, both financially and politically. But they appear to be paying off for the two most important members of the Organization of the Petroleum Exporting Countries (Opec) and its Russia-led allies, or the Opec+ cartel. Price increases are more than making up for the reduction in sales volume, according to calculations by consulting firm...

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