Why Russia stands to gain most from OPEC+ oil production cuts

OPEC+ surprise deep oil production cuts agreed this week are set to benefit Russia most while tightening supply to the West already suffering from record energy prices.

OPEC+ and the West traded blame on Wednesday after the group reduced supply by a steep 2 million barrels per day or 2% of global supply in an already tight market.

OPEC’s leader Saudi Arabia said it was merely reacting to the soaring interest rates in the West where the central banks such as the U.S. Federal Reserve are “belatedly” reducing liquidity, triggering a dollar rise and making oil cheaper.