- Saudi Arabia plans to increase its global oil supply following sanctions of the US and its western allies on the Russian oil supply.
- The production is planned to increase in September could upsurge in July and August to meet the global oil demand.
- The said decision is the repercussion of the Biden administration reaching out to Saudi Arabia once again for the oil supply.
The world economy is drowning under the toll of the oil supply crunch, followed by a massive increase in living expenses across nations. Inflation is reaching sky-high limits across continents, causing a heavy burden on national governments to cope with the discrepancies in the energy supply chain.
It’s been months since Russia decided to invade Ukraine, and the US and other western allies imposed sanctions on Russia to dissuade the country from further invading Ukraine. However, Russia rather had stringent plans. So, in the end, the sanctions put by the US and other allies have significantly impacted other nations as well.