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Saudi Arabia and Russia reached an impasse on Monday over whether their producers’ alliance should increase oil production amid a new pandemic, delegates said after a day of negotiations ended without agreement.
The Organization of Petroleum Exporting Countries, led by 13 members from Saudi Arabia, met virtually on Monday with 10 Russian-led producers, a group that together was dubbed OPEC-plus, in the first of its monthly meetings to review global oil demand. Last month, they agreed to increase production by 500,000 barrels a day, raising their net cuts since the start of the pandemic to about 7.2 million barrels a day.
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On Monday, they were to decide whether to continue to increase production or remain standing.
Saudi Arabia and most of the broader alliance supported stability for at least another month, delegates said. These countries are concerned that a new variant of the Covid-19 virus is threatening the resurgence of the pandemic, while vaccination programs are not progressing as fast as expected.
Saudi Arabia and Russia reached an impasse on Monday over whether their producers’ alliance should increase oil production amid a new pandemic, delegates said after a day of negotiations ended without agreement. (Photo: Askin Kiyagan / Agência Anadolu via Getty Images)
“Even in this general optimistic environment, I want to ask for caution,” Saudi Energy Minister Abdulaziz bin Salman said during opening remarks ahead of online meetings. “Don’t jeopardize what we have achieved for an instant illusory benefit.”
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Moscow, however, pushed for an increase in production of over 500,000 barrels a day, delegates said. Russia sees oil consumption coming back and is concerned about losing market share to American producers, who are not subject to restrictions, these people said.
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