Win For Putin As Saudi's MBS Makes Big Oil Move; How Russia Is Gaining | TOI Explainer

Saudi Arabia's crude oil exports have dropped to a multi-year low of 5.6 million barrels per day in June, as it cuts production to support prices within the Opec+ alliance. This move has allowed Russia and the UAE to increase their market share. Despite a 10% rally in oil prices, Saudi Arabia's economic reforms and projects like the Vision 2030 megacity Neom are challenged due to insufficient oil revenue and foreign investment.

#israelhamaswar #russiaukrainewar #opec #oil #oilexport #trade #internationaltrade #saudiarabia #neomcity #russia #putin

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