Since the outbreak of the War in Ukraine, Saudi Arabia has continued to cooperate with Russia in OPEC+, but the relationship with Russia has its limits
- Feb 06, 2023, 6:00 PM CST
It is certain that Russia would have been pressing for a bigger OPEC+ production cut behind the scenes. Saudi Arabia had a fiscal breakeven Brent oil price of around US$80 pb for some time before it and its fellow OPEC members launched the Second Oil Price War in 2014 . After the War had ended in 2016, the Kingdom’s fiscal breakeven Brent oil price was expected to remain above US$80 pb for several years. Saudi Arabia thought before it had launched the Second Oil Price War that the fiscal breakeven price of U.S.
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