Russia and Saudi Arabia each produce between 9-10 million barrels of oil a day. Together, they account for over 20% of total world oil production.
This gives them significant control over supply, despite Western sanctions and price caps on Russian oil following the war in Ukraine , and disruptions caused by the Strait of Hormuz blockade.
OPEC minus one important member
As the biggest member of the Organization of the Petroleum Exporting Countries (OPEC), Saudi Arabia has long dominated the formal alliance and worked to keep oil prices stable by controlling supply.
Before the war in Iran started, OPEC countries — Iran is a member — produced over 35% of the world's crude oil and have nearly 80% of the world's proven oil reserves.
