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Saudi Arabia's decision to deepen its crude oil production cuts, without matching contributions from its allies, underscores how the market is being skewed by a series of contradictory influences.
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OPEC+, the group of leading oil-producing countries, is important for providing stability on global energy markets, Kremlin spokesman Dmitry Peskov said on Monday, a day after the group met.
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Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said.
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Saudi Arabia will make new voluntary cuts as part of an OPEC+ deal, an OPEC+ source told Reuters on Sunday.
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OPEC denied media access to its headquarters to reporters from Reuters and other media.