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through last year, before Saudi Arabia began its own voluntary production cuts this summer to further tighten supply and raise prices.keep its energy revenue afloatIn May, Saudi officials accused Russia of not following through with promised OPEC+ production cuts, the Wall Street Journal reported. That caused, a key break-even level that's needed to fund large swaths of Saudi Arabia's economy.
But both nations recently doubled-down on their resolve to boost oil prices together, with Novak stating in a June meeting that Russia would adhere to the 1.4 million barrel-a-day cut imposed on OPEC+ members in April.
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