Russia, Saudi Arabia at odds over output deal ahead of OPEC+ meeting: RIA cites source reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Saudi Arabia and Russia are once again heading into an 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.
Ten months after slashing crude production when Covid-19 crushed global demand, OPEC and its allies are still withholding 7 million barrels a day from the market. It s been a sacrifice, and now the group must chart a path forward that won t erase hard-fought oil price gains.
Russian Deputy Prime Minister Alexander Novak said on Friday the government has been working on some support measures for the oil producing industry, including changes in taxation, following last year’s decision to hike taxes. The government has been increasing oil producers’ taxes to raise money to cushion the economy from fallout from the COVID-19 pandemic. .
Saudis, Russia Differ Again on Oil Strategy Before OPEC+ Meeting leaderpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leaderpost.com Daily Mail and Mail on Sunday newspapers.