“Gross’s take is straightforward: Arab states are simply pursuing their self-interest in keeping oil prices high. She cautioned against seeing the OPEC+ decision as a choice by the group between the US and Russia. Today is not like the Cold War, when many Middle Eastern states balanced between Washington and Moscow, seeking to extract maximum benefits from both superpowers and hedging in case either bloc won.
Besides, although the cut might boost oil prices, Gross says the prospects for Russia’s future oil revenues are potentially quite dim, as the G7 and the European Union prepare to implement new measures that could substantially reduce Putin’s proceeds from oil. Moreover, the actual production cut is likely to be around 1 million barrels per day — not 2 million — because many OPEC+ members weren’t meeting their quotas anyway, according to Gross.”