RUSSIAN Nightmare

OPEC+ has officially reversed its massive production cuts — and no one is hurting more than Russia. In this video, I discuss how Saudi Arabia's aggressive output hikes are undermining Russia's oil revenues just as sanctions and war costs pile up. However in addition to Russia's deepening fiscal crisis the Saudi Arabian economy is also suffering problems due to the huge increase in spending. Both economies are now on a knife edge and the situation will be made significantly worse if the price of oil continues to fall.