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The global oil market is once again navigating turbulent waters, with prices fluctuating due to geopolitical tensions, economic uncertainties, and shifting production strategies. In a recent statement, Russia has signaled its willingness to collaborate with OPEC+ and the United States to stabilize oil prices, drawing on a precedent from 2020 when coordinated efforts helped avert a market collapse.
This article examines Russia’s proposal, analyzes the oil and LNG export volumes of top OPEC+ producers, and explores how the United States could play a pivotal role in stabilizing global energy markets. Make no mistake, this is a huge story. The fact that this conversation is happening is crucial for world peace. The way to end the Ukraine war is through business, and this will be just another confirmation of the new trading blocs forming. The new trading blocs look to be excluding the UK and the EU. The UK and the EU appear to be following the Net Zero and deindustrialization path, while offloading much of their manufacturing to China.
Russia’s Call for Cooperation
On June 19, 2025, Kirill Dmitriev, head of Russia’s sovereign wealth fund, told Reuters that Moscow, alongside OPEC+ ally Saudi Arabia and the United States, could work together to steady the volatile oil market. Citing the 2020 collaboration during the COVID-19 demand crash, Dmitriev highlighted how Russian President Vladimir Putin, then-U.S. President Donald Trump, and Saudi Crown Prince Mohammed bin Salman orchestrated production cuts to stabilize prices. “It is early to talk about concrete joint action yet, but based on an earlier precedent, such action is possible,” Dmitriev noted.
The current market instability stems from multiple factors: U.S. President Trump’s retaliatory tariffs announced in early April 2025, which sparked fears of a global economic slowdown; OPEC+’s decision to increase production by 411,000 barrels per day (bpd) in July, following similar hikes in May and June; and escalating tensions in the Middle East, particularly Israel’s attacks on Iran’s nuclear and military infrastructure, raising concerns about supply disruptions.
Oil and LNG Exports by Top OPEC+ Producers
OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and allied producers led by Russia, collectively accounting for about 59% of global oil production (48 million bpd in 2022). Below is an overview of oil and LNG exports from the top OPEC+ producers, based on available data up to 2025:
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Saudi Arabia: As OPEC’s de facto leader, Saudi Arabia exported approximately 7.2 million bpd of crude oil in 2023, accounting for 35% of OPEC’s output. The kingdom has significant spare capacity, capable of increasing production from 9 million bpd to 12 million bpd within months. Saudi Arabia’s LNG exports are minimal, as it focuses primarily on crude oil.
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Russia: The world’s second-largest oil exporter, Russia pumped an average of 10.5 million bpd in recent years, with exports estimated at 7.5 million bpd in 2023. Despite Western sanctions, Russia has rerouted much of its oil to Asia, though at higher shipping costs and discounts exceeding $10 per barrel. Russia is also a major LNG exporter, supplying 50% of its 22 billion cubic meters (bcm) of LNG to Europe in 2023, primarily through Novatek’s Yamal LNG project.
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Iraq: The second-largest OPEC producer, Iraq exported about 3.4 million bpd in 2023. Its production has occasionally exceeded OPEC+ quotas, contributing to tensions within the group. Iraq’s LNG exports are negligible due to limited infrastructure.
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United Arab Emirates (UAE): The UAE exported around 2.7 million bpd in 2023 and has been pushing for higher production quotas within OPEC+. Like Saudi Arabia, its LNG exports are limited, with a focus on crude oil.
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Kuwait: Kuwait exported approximately 2 million bpd in 2023. Its LNG exports are modest, primarily serving domestic and regional needs.
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Kazakhstan: A non-OPEC member of OPEC+, Kazakhstan exported about 1.5 million bpd in 2023, often exceeding its quotas, which has frustrated Saudi Arabia. Its LNG exports are minimal.
These figures reflect the significant influence OPEC+ wields over global oil supply, with Saudi Arabia and Russia as the dominant players. However, LNG exports vary widely, with Russia standing out due to its strategic pivot to non-European markets amid sanctions.
The United States’ Role in Stabilizing Global Oil and LNG Markets
The United States, the world’s largest oil producer at over 13 million bpd in 2023, has a complex role in global energy markets. Despite its production surge, driven by shale oil, the U.S. remains a net importer due to high domestic demand and refining mismatches. Its LNG exports, however, have grown significantly, positioning it as Europe’s second-largest supplier after Russia, with 76% of U.S. LNG going to Europe in 2023. Below are potential ways the U.S. could collaborate with OPEC+ and Russia to stabilize oil and LNG markets:
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Coordinated Production Adjustments: In 2020, the U.S. played a diplomatic role in convincing OPEC+ to cut production by 9.7 million bpd, preventing a price collapse. A similar approach could involve U.S. shale producers voluntarily reducing output to align with OPEC+ cuts, though this faces resistance due to the decentralized nature of U.S. oil companies. Alternatively, the U.S. could lease storage in its Strategic Petroleum Reserve (SPR) to take excess oil off the market, as proposed in 2020.
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Diplomatic Pressure on OPEC+: President Trump has consistently advocated for lower oil prices to curb inflation, pressuring OPEC+ to increase production. His upcoming visit to Saudi Arabia in May 2025 could foster discussions on balancing output to avoid price spikes, especially if Middle East tensions escalate. However, OPEC+ is unlikely to significantly boost production unless Brent crude exceeds $85 per barrel, the minimum needed for most members to balance budgets.
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LNG Market Stabilization: The U.S. could expand LNG exports to Europe and Asia to offset potential disruptions in Russian supplies, particularly if sanctions tighten. By investing in new LNG terminals and streamlining export approvals, the U.S. could ensure stable global gas prices, complementing oil market efforts.
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Mitigating Geopolitical Risks: The U.S. could mediate to de-escalate Israel-Iran tensions, which threaten Middle East oil exports. Iran has increased its oil exports by 44% since Israel’s attacks began in June 2025, but further escalation could disrupt the Strait of Hormuz, through which 20% of global oil passes. Diplomatic efforts to secure safe passage for tankers would help stabilize prices.
Challenges and Considerations
Collaboration faces significant hurdles. Tensions between Saudi Arabia and Russia within OPEC+ have simmered, with Riyadh pushing for faster output increases to punish overproducers like Iraq and Kazakhstan, while Moscow advocates caution due to weaker demand forecasts. Additionally, U.S.-Russia relations remain strained due to sanctions and the Ukraine conflict, complicating energy cooperation.
Moreover, OPEC+’s recent strategy of increasing production—despite prices falling to a four-year low of $61 per barrel—suggests a focus on market share over price defense. This could undermine stabilization efforts unless all parties align on a clear plan. Analysts like Goldman Sachs predict elevated price volatility, with Brent forecasts slashed to $66 for December 2025, driven by OPEC+ supply increases and Trump’s tariff policies.
Conclusion
Russia’s proposal for a joint effort with OPEC+ and the United States reflects a pragmatic approach to addressing oil market volatility. With top OPEC+ producers like Saudi Arabia and Russia exporting millions of barrels daily and the U.S. leading in both oil production and LNG exports, a coordinated strategy could stabilize prices and prevent economic fallout. However, success hinges on overcoming geopolitical rivalries, aligning production policies, and addressing compliance issues within OPEC+. As the global energy landscape evolves, the U.S.’s diplomatic and production capabilities will be critical in shaping a stable future for oil and LNG markets.
This article is just another indication that we are witnessing the global markets undergo significant changes before our very eyes, although one must know where to look now. Give it a few months and these new trading blocs will be more evident, and talked about.
Stay tuned to Energy News Beat for updates on this developing story and its implications for global energy markets.
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