Saudi Arabia and Russia differ on oil strategy ahead of OPEC+ meeting

Omkar Godbole FXStreet Contributor

audi Arabia and Russia, two of the world's largest oil producers, stand divided on output strategy ahead of the OPEC+ meeting.

While the Kingdom still sees uncertainty and favors keeping the output steady, Russia wants to boost supplies, according to Bloomberg.

The OPEC+, which includes members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, are still withholding seven million barrels a day from the market, having started production cuts in May 2020 to counter the coronavirus-induced excess supply conditions.

Brent oil has rallied by more than two-thirds since October's end to above $63 per barrel. Analysts at Goldman Sachs foresee prices rising to $70 in the second quarter.

The OPEC+ is scheduled to meet on March 4 to discuss whether to provide more crude to the market in April.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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