Saudi Arabia strikes Russia where it hurts

Saudi Arabia has dealt a fresh blow to Russia’s already struggling economy as OPEC+ announced a new increase in oil production.

The decision comes at a time when crude oil prices are already falling, and the move is expected to further drive down the value of the fossil fuel.

Russia, which remains heavily impacted by Western sanctions, is seeing one of its most vital sources of revenue come under additional pressure. Under President Vladimir Putin, the country is facing soaring inflation and extremely high interest rates—economic strains that are further exacerbated by the mounting financial costs of the war in Ukraine, now entering its fourth year.

Despite the declining price of oil, OPEC+ confirmed its production targets for June, aiming to reach 411,000 barrels per day.

In April, oil prices dipped below $60 per barrel following an earlier unexpected production hike from OPEC+, a move prompted by the threat of new tariffs from U.S. President Donald Trump.

(QG - Source: Newsweek — Picture : © Unsplash)