Saudi Arabia, as the chair of OPEC+, needs Brent crude oil prices to reach $80 per barrel to cover its spending and import bill. In 2020, oil prices crashed due to lockdowns, but OPEC+ managed to raise them by cutting production.

After Russia invaded Ukraine, Brent crude prices soared but have since fallen back to around $70 per barrel. Despite recent production cuts, global oil demand remains weak, limiting further price increases.

EU countries have stopped importing Russian oil due to the invasion, while Russia has turned to countries like India and China for exports. The G7 has imposed a price cap of $60 per barrel on Russian oil to keep its revenues low.

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