Saudi Arabia, Russia differ on strategy before Opec+ meet

Riyadh is publicly urging fellow members to be “extremely cautious, ” despite prices rebounding to a one-year high. In private, the kingdom has signalled 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.

LONDON: Saudi Arabia and Russia are once again heading into an Organisation of the Petroleum Exporting Countries Plus (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 signalled 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.