The following is a graph showing the trend of Saudi oil production in about 25 years:
Yesterday, oil prices jumped on Tuesday by about 10%, one day after the biggest drop in nearly thirty years, at a time when Russia hinted at the possibility of resuming negotiations with Saudi Arabia on production cuts.
This development came after the collapse of a three-year agreement between Saudi Arabia and Russia and other major oil producers to reduce supplies, which sparked a price war to increase market share.
Russia has refused to agree to a proposal of OPEC ministers led by Saudi Arabia to reduce production by an average of 1.5 million barrels per day, at a time when Russian oil companies fear losing a market share and competition from shale oil produced by the United States.
Russia today – Arabic – the island