Saudi Arabia, Russia once again clashed over oil cuts
Published : Tuesday, 23 February, 2021 at 7:08 PM Count : 182
Leaders of the OPEC + alliance, Saudi Arabia and Russia, are reported to be in conflict again over oil supply management ahead of another important meeting of the group next week.
Saudi Arabia, OPEC's top producer and de facto leader, is likely to like the March 4-4 meeting in April that the OPEC + alliance will level production in April, Bloomberg reported.
However, Russia, the main Saudi partner in the deal, is likely to push for easier production cuts, especially as Russian Deputy Prime Minister Alexander Novak said earlier this month that the global oil market is in balance and current oil prices are fully reflected in the market situation.
So, the two leaders of the deal are going to the OPEC + meeting again to have a vision on how to arrange supply in the market.
Oil producers need to be extremely vigilant as market uncertainty remains high, Saudi Energy Minister Prince Abdulaziz bin Salman said last week.
Saudi Arabia cut 1 million barrels per day (BPD) in February and March to support the OPEC + alliance's efforts to strengthen the oil market in the first quarter, especially outside Asia, where demand is still relatively weak.