Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called &quotThe Line&quot to be built at Neom in northwestern Saudi Arabia, January 10, 2021.Saudi Royal CourtSaudi Arabia is growing annoyed with Russia as Moscow continues to pump cheap crude oil into the market.The increased supply of oil from Russia is helping push oil prices below levels Saudi Arabia needs to fund its megaprojects.Saudi Arabia's massive budget needs oil prices to be above $81 per barrel, according to The Wall Street Journal.Russia's pumping of cheap oil into the market is helping put downward pressure on prices for the commodity, and Saudi Arabia isn't happy as oil prices stay below a key break-even level, according to a report from The Wall Street Journal.The report found that Saudi Arabia's efforts to curtail production and push oil prices higher earlier this year have been undermined by Moscow's flood of cheap oil supply, and that the oil-rich nation has expressed its anger at Russia for not following through on its pledge to throttle production, the report said, citing people familiar with the matter."Saudi officials have complained to senior Russian officials and asked them to respect the agreed cuts," the report said.Members of OPEC+ said in early April that they would reduce oil output to help prop up oil prices.

 

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