Are Russia and Saudi Arabia Still Pumping Too Much Oil?
- Novak, Prince Abdulaziz to speak at energy forum on Wednesday
- Demand fears overshadow supply concerns after Abqaiq attack
Workers secure drilling pipe sections on an oil drilling tower near Almetyevsk, Russia.
Photographer: Andrey Rudakov/Bloomberg
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This year, the oil market has faced some of the worst supply disruptions in recent times and yet prices remain stuck in the $60s.
OPEC’s oil production tumbled the most in 16 years last month after the worst-ever attack on Saudi Arabia’s energy infrastructure temporarily halved its output. Earlier in the summer, Russia’s Druzhba contamination crisis forced it to make sharp output cuts and U.S. financial sanctions on Iran remain in force.