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Russia Is Making More Money From OPEC+ Deal Than Saudi Arabia

  • Russia oil revenues this year reached $670 million a day: IEA
  • Saudi Arabia earned $630 million/day since the start of 2019
Operations At Ukrnafta PJSC's Oil And Gas Field Processing Site
Photographer: Vincent Mundy/Bloomberg

Russia has earned more money this year from the OPEC+ deal than Saudi Arabia, underscoring how the kingdom has carried a greater share of the burden of production cuts.

Saudi Arabia on average has cut production almost ten times deeper than Russia since the countries joined forces at the end of 2016, according to estimates in the International Energy Agency’s monthly oil market report published on Friday. Yet Riyadh has received just three quarters of the additional financial benefit enjoyed by Moscow, the data show.