Originally Posted by
Dragonman
If you read the full OPEC+ report, you will see why such a course of action might be pursued: "The meeting will take place on Oct. 5 against the backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production. OPEC+, which combines OPEC countries and allies such as Russia, has refused to raise output to lower oil prices despite pressure from major consumers, including the United States, to help the global economy. Prices have nevertheless fallen sharply in the last month due to fears about the global economy and a rally in the U.S. dollar after the Federal Reserves raised rates.
Lower economic growth as one of the consequences of Russia's "special military operation" means less business activity, which means less demand for oil. This combination of a moderately increased supply and a reduction in demand has allowed prices to cool off.
Sure does look like Russia's plan to make money from oil is working, doesn't it.