Riyadh's campaign for lower OPEC+ output clashes with Russia's needs CanadiansInvest
Saudi Arabia and Russia diverging views on crude output policy have set the stage for an intriguing OPEC+ meeting on June 4.
As industry analyst Paul Sankey says, the real issue today is: “Can the Saudis corral Russia?” That is an interesting comment. Last Friday, sources with knowledge of the Russian position also told Reuters that Russia would prefer its partners of the OPEC+ group to leave oil production unchanged when it meets next week, as Moscow is okay with the current oil prices and production quotas.
Just a day before that meeting, and against all expectations, OPEC opted to surprise the market when several major crude producers, including Saudi Arabia and the United Arab Emirates , said they would collectively cut more than one million barrels per day from their production between May and December as “a precautionary measure aimed at supporting the stability of the oil market.” This output cut surprised the markets, spiking crude markets, at least for a few days.
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