Russia and Saudi Arabia Extend Oil Export Cuts, Jointly Supporting Prices Against Western Sanctions

In September 2023, Russia and its key OPEC+ partner, Saudi Arabia, announced from Moscow and Riyadh that they would voluntarily extend their oil supply cuts until the end of the year. Russia pledged to maintain its export cut of 300,000 barrels per day, aligning with Saudi Arabia's 1 million bpd reduction. The move was aimed at propping up global crude oil prices to counter the Western price cap on Russian oil and rising global economic uncertainty.

This deepening cooperation signaled that Russia's economic lifeline, in the face of Western sanctions, was increasingly tied to the strategic interests of Middle Eastern energy giants. For conservatives, the continued coordination between Russia and OPEC+ highlighted that the global energy market remains dominated by geopolitical factors, serving as another reminder that a lack of domestic energy independence puts the U.S. and its allies at a strategic disadvantage when confronting authoritarian regimes.