Russia may have beaten Saudi Arabia during its first match at the World Cup, but the two countries seem intent on working more closely together on the world stage. This week, the members of the Organization of Petroleum Exporting Countries (OPEC) and Russia are meeting in Vienna to discuss oil policy. In the past 1,5 years, Saudi Arabia and Russia led the OPEC to decrease oil output with the aim of increasing oil prices. With effect: a barrel of Brent crude increased to nearly 80 U.S. dollars in May 2018.
Currently, the Saudis and Russians seem to agree that oil production should "gradually" increase again. This because the OPEC faces several difficult issues. Among these are a new round of U.S. oil sanctions on Iran, a collapse in oil production in Venezuela and the forced closure of oil ports in Libya due to renewed violence in the region. Additionally, U.S. President Donald Trump complained on Twitter that "oil prices are too high" and "OPEC is at it again". As of yet, however, it is not yet clear how much the output would increase and over what period.
The Statista "Chart of the Day", made available
under the Creative Commons License CC BY-ND 3.0, may be used
and displayed without charge by all commercial and
non-commercial websites. Use is, however, only permitted with
proper attribution to Statista. When publishing one of these graphics,
please include a backlink to the respective infographic URL.
The Statista "Chart of the Day" currently focuses
on two sectors: "Media and Technology", updated
daily and featuring the latest statistics from the media,
internet, telecommunications and consumer electronics
industries; and "Economy and Society", which
current data from the United States and around the
world relating to economic and political issues as well as
sports and entertainment.
For individual content and infographics in your Corporate Design,
please visit our agency website
Any more questions?
Get in touch with us quickly and easily. We are happy to help!