Big supply increases this year threaten a global oil glut that could knock the Kremlin’s budget out of whack.
By Keith Johnson, a staff writer at Foreign Policy covering geoeconomics and energy.
Men in suits and ties and one man in a brown, gold, and white dishdashah sit in an audience.OPEC Secretary-General Haitham al-Ghais (center) attends the Russian Energy Week International Forum in Moscow on Oct. 16. Alexander Kazakov/AFP via Getty Images
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Europe, Britain, and even the United States, after a fashion, have all stepped up their pressure on Russia’s energy revenues in recent weeks, aiming to bankrupt the Russian war machine.
But the biggest threat on the horizon for an already reeling Russian economy may be its former OPEC pals, who in recent months have opened the taps on a flood of new oil production, helping to drive crude prices to a five-month low.
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