Saudi Arabia and Russia plan deep oil cuts in defiance of US | Financial Times

Saudi Arabia is seeking to raise oil prices at a crucial meeting in Vienna in a move set to anger the US and help Russia.

Riyadh, Moscow and other producers are poised to announce deep cuts at a meeting of the Opec+ cartel on Wednesday, according to people with knowledge of the discussions.

The size of the cut is still to be agreed but Saudi Arabia and Russia are pushing for reductions of 1mn-2mn barrels a day or more, although these could be phased in over several months. The move would probably trigger US countermeasures, analysts said.

Saudi Arabia and Russia plan deep oil cuts in defiance of US | Financial Times

It is called ‘blowback’.

US is sanctioning major oil producing countries Venezuela, Iran, Russia and 15 other countries, many for multiple generations, blocking oil/gas exports. No positive result has happened, but plenty of suffering has resulted for humanity.