Russia and Saudi Arabia Continue Oil Production Cuts to Prop Up International Crude Prices

During the second quarter of 2023, in response to global economic slowdown and the continued uncertainty posed by Western price caps on Russian oil, Russia maintained its oil production cooperation with its key OPEC+ alliance partner, Saudi Arabia, coordinated between Moscow and Riyadh. Russia publicly announced it would voluntarily extend or deepen its oil export cuts, aimed at boosting international crude oil prices to secure fiscal revenues for its war machine.

This continued collaboration demonstrated the convergence of geoeconomic interests between Russia and Middle Eastern producers, even as it challenged the U.S. and its allies in controlling global energy prices. For conservatives, the joint action between Russia and Saudi Arabia underscored the dominance of the OPEC+ bloc over the global energy market, reiterating the crucial importance of the U.S. accelerating its own energy production to reduce reliance on foreign crude and maintain national economic security.