Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group.
But they failed to agree to holding the meeting to discuss it with the wider group. The alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.
Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from the meeting intended to green-light an extension of its deepest cuts and prop up crude prices.
Saudi Arabia and Russia have lost patience with the errant behaviour of the next-biggest member, Iraq.
Well doesn’t this all seem very familiar? It’s like having your extended family over for a big gathering. It all starts nicely, with people happy to see each other, reminiscing about things, everything good-natured.
But before long the old grievances come out, the fights start, the tension grows. Roll on Christmas.