Saudis, Russia Meet With Future of OPEC+ Cuts Unresolved - Bloomberg:
A year ago, in the enduring twilight of one of St. Petersburg’s famous “white nights” of summer, Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.
This week, when Energy Ministers Alexander Novak and Khalid Al-Falih meet again in the northerly city that’s President Vladimir Putin’s hometown, resolving differences may not be so easy for the two architects of the OPEC+ agreement. The Saudis clearly want to extend the group’s production curbs beyond their expiry at the end of this month, but Russia has been at best non-committal.
Right now, they can’t even persuade the rest of the group to agree on a date for the group’s usual mid-year meeting in Vienna.
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