US EditionMarket on the Edge of a New Price War as Saudi Arabia Plays Against Russia
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On one side, oil and gas producers, on the other, countries that have focused on renewable energy Fossil fuels and renewable energy are the two faces of the world's energy sector. The division between "PetroStates" and "ElectroStates" is becoming increasingly clear. The race for dominance between hydrocarbons and electrons will define not only the energy landscape, but also the geopolitical landscape of the coming years - write Tatiana Mitrova a…
The OPEC+ meeting saw a split between the organization's two main members: Saudi Arabia and Russia. Against the interests of the Kremlin, whose profits from exporting raw materials are rapidly declining, the Saudis pushed through a record increase in production.
The world oil market is on the verge of a new "price war".
OPEC+ decided on Saturday, May 31, 2025, to significantly increase oil production by another 411,000 barrels per day starting in June, marking the third consecutive month of increases. In total, in just three months, the cartel that brings together more than 30 oil-producing countries will add 1.2 million new barrels per day to the market – the largest wave of growth since the relaxation of restrictions in 2020. The decision was made despite str…
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