Saudis, Russia Differ Again on Oil Strategy Before OPEC+ Meeting
- Riyadh urges caution while Moscow appears to favor supply hike
- Saudis’ extra 1-million barrel cutback gives kingdom leverage
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Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market.
Riyadh is publicly urging fellow members to be “extremely cautious,” despite prices rebounding to a one-year high. In private, the kingdom has signaled it would prefer that the group broadly holds output steady, delegates said. Moscow, on the other hand, is indicating that it still wants to proceed with a supply increase.