The leader of the non-OPEC oil producers in the OPEC+ alliance, Russia, is the biggest beneficiary of the 2 million barrels per day (bpd) cut announced this week, as Russia will not cut any output while the price of oil is set to rise in the coming months, analysts say. Earlier this week, OPEC+ announced the biggest cut to its collective target since 2020. Despite the “monster” headline number of 2 million bpd, as some analysts have described it, the actual cut from current OPEC+ oil production would be half that figure,…
