{"id":24818,"date":"2021-03-08T16:41:15","date_gmt":"2021-03-08T15:41:15","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=24818"},"modified":"2021-03-08T16:42:25","modified_gmt":"2021-03-08T15:42:25","slug":"saudi-arabia-and-russia-are-at-loggerheads-again-but-opec-meeting-unlikely-to-ruin-the-oil-party","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/03\/08\/saudi-arabia-and-russia-are-at-loggerheads-again-but-opec-meeting-unlikely-to-ruin-the-oil-party\/","title":{"rendered":"Saudi Arabia and Russia are at loggerheads again, but OPEC meeting \u2018unlikely to ruin the oil party\u2019"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"24818\" class=\"elementor elementor-24818\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Saudi Arabia and Russia are at loggerheads again, but OPEC meeting \u2018unlikely to ruin the oil party\u2019<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>08\/03\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\"><div class=\"entry-content no-share\"><div class=\"content-inner \"><div class=\"story-block\"><p>LONDON \u2014 A group of some of the world\u2019s most powerful oil producers will hold a crucial meeting on Thursday to discuss reversing some of the output cuts it made last year.<\/p><p>OPEC and its non-OPEC partners, an energy alliance sometimes referred to as OPEC+, will convene via videoconference in a bid to reach consensus over how to manage supply to the market.<\/p><div class=\"BoxInline-container  \"><div id=\"BoxInline-ArticleBody-5\" class=\"BoxInline-container\" data-module=\"mps-slot\">\u00a0<\/div><\/div><p>The group last year\u00a0<a href=\"https:\/\/www.cnbc.com\/2020\/12\/03\/opec-meeting-talks-resume-over-oil-production-cuts-amid-covid-crisis.html\">agreed<\/a>\u00a0to restrict the amount of oil it produces in an effort to prop up oil prices as strict public health measures coincided with an unprecedented fuel demand shock.<\/p><div class=\"group\"><p>This week\u2019s supply decision comes at a time when oil prices have rebounded to pre-virus levels, production in the U.S. has taken a hit from freezing storms and the coronavirus pandemic continues to cloud the outlook.<\/p><p>OPEC\u2019s de facto leader Saudi Arabia has publicly encouraged allied partners to remain \u201cextremely cautious\u201d on production policy, warning the group against complacency as it seeks to navigate the ongoing Covid-19 crisis.<\/p><p>Non-OPEC leader Russia, meanwhile, has indicated it wants to push ahead with a supply increase.<\/p><p>Analysts broadly expect OPEC+ to hike output from current levels, but questions remain over how much exactly and which countries will be affected.<\/p><div class=\"MidResponsive-midResponsiveContainer\"><div id=\"MidResponsive-1\" class=\"\" data-module=\"mps-slot\">\u00a0<\/div><\/div><p>At an industry event last month, Saudi Arabia\u2019s Energy Minister Prince Abdulaziz bin Salman\u00a0<a href=\"https:\/\/www.reuters.com\/article\/us-oil-opec-saudi\/saudi-minister-oil-producers-must-remain-extremely-cautious-idUSKBN2AH1L0?il=0\" target=\"_blank\" rel=\"noopener\">reportedly<\/a>\u00a0said to those trying to foresee the energy alliance\u2019s next move: \u201cDon\u2019t try to predict the unpredictable.\u201d<\/p><\/div><h2 class=\"ArticleBody-subtitle\"><a id=\"headline0\"><\/a>Both Saudi and Russia \u2018will get what they want\u2019<\/h2><div class=\"group\"><p>Tamas Varga, analyst at PVM Oil Associates, told CNBC via telephone that he believed OPEC and non-OPEC partners had done an \u201camazing job\u201d in rebalancing the market.<\/p><p>However, while the global oil demand is recovering, he warned that the recovery is still \u201cvery, very fragile.\u201d<\/p><p>\u201cWhat really matters here is Russia and Saudi Arabia. The breakeven price for Russia\u2019s budget is much lower than that of Saudi Arabia, so you will see a kind of gap in the views between these two countries,\u201d Varga said.<\/p><p>OPEC+ initially agreed to cut oil production by a record of 9.7 million barrels per day last year, before easing cuts to 7.7 million and eventually 7.2 million from January. OPEC kingpin Saudi Arabia has since taken on voluntary cuts of 1 million from the beginning of February through March.<\/p><p>Alexander Novak, Russia\u2019s deputy prime minister, appeared to signal Moscow\u2019s intent for a supply increase last month, claiming the market has already balanced.<\/p><p>\u201cRussia wants to move back towards normal production as quickly as possible while Saudi Arabia wants to enjoy high prices a little while longer and rather keep the market on the tight side than the loose side. We think both will get what they want,\u201d Bjarne Schieldrop, chief commodity analyst at SEB, said in a research note.<\/p><p>Russia will likely be allowed to increase output further, he added, while Saudi Arabia will return \u201csome or potentially all\u201d of its 1 million barrels per day unilateral cut.<\/p><p>Analysts expect OPEC+ to discuss allowing as much as 1.3 million barrels per day back into the market on Thursday.<\/p><div class=\"group\"><p>\u201cStatements from Saudi Arabia indicates that they are on the cautious side. Rather to keep it a little tight a little too long than to run into an oversupply before Covid-19 vaccines have truly made their magic on global economic activity and oil demand,\u201d Schieldrop said.<\/p><p>\u201cThe upcoming OPEC+ meeting is thus unlikely to ruin the oil party with respect to April supply as the total outcome is likely going to leave the market slightly short rather than in surplus.\u201d<\/p><\/div><h2 class=\"ArticleBody-subtitle\"><a id=\"headline1\"><\/a>OPEC+ not yet ready to switch course<\/h2><div class=\"group\"><p>International benchmark\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/?symbol=@LCO.1\">Brent<\/a>\u00a0crude futures traded at $63.01 a barrel on Tuesday morning, almost 1.1% lower, while U.S.\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/?symbol=@CL.1\">West Texas Intermediate (WTI) crude<\/a>\u00a0futures stood at $60.02, down more than 1%.<\/p><p>Oil prices, having climbed to a 13-month peak last month, appeared to extend losses that began last week on expectations that OPEC+ may be set to increase global supply.<\/p><p>\u201cOur expectation is that they are going to rise in line with their previous policy deal which was announced in December of 2020. And that is to not increase production more than 500,000 barrels per day. We expect that policy to still be valid,\u201d Louise Dickson, analyst at Rystad Energy, told CNBC via telephone.<\/p><p>She added that OPEC could, in theory, increase production by 1.3 million barrels per day, but \u201cwe don\u2019t think they are going to overshoot this time around.\u201d<\/p><p>\u201cRussia will build up momentum in their market view, but we don\u2019t see a complete switchover. For the last year, OPEC+ has been really firmly under the reins of Saudi Arabia, guiding the policy, making the calls, calling the shots, etc. And I don\u2019t think that, after a year of such market and supply diligence, the group is ready to switch course just on a whim of $65 Brent or an increasingly tighter oil market,\u201d she said.<\/p><p>Source: <strong>CNBC<\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-563edf59\" data-id=\"563edf59\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63502443 elementor-widget 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elementor-size-sm\" href=\"https:\/\/www.stocexpo.com\/en\/exhibit\/exhibitor-enquiry\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">SECURE YOUR STAND<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d532d70 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6d532d70\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-64ee4894\" data-id=\"64ee4894\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5a0dee0 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"5a0dee0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6c5060b6\" data-id=\"6c5060b6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37f42b12 elementor-widget elementor-widget-heading\" data-id=\"37f42b12\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get social.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48d7e30d elementor-widget elementor-widget-heading\" data-id=\"48d7e30d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#stocexpo #futuredelivered<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3373d34c elementor-shape-circle elementor-grid-0 e-grid-align-center elementor-widget elementor-widget-social-icons\" data-id=\"3373d34c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-animation-push elementor-repeater-item-6550970\" href=\"https:\/\/twitter.com\/StocExpo\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook-f elementor-animation-push elementor-repeater-item-2ea5aad\" href=\"https:\/\/www.facebook.com\/StocExpo\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-animation-push elementor-repeater-item-f5eda18\" href=\"https:\/\/www.linkedin.com\/showcase\/stocexpo-&#038;-tank-storage\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-animation-push elementor-repeater-item-b98d648\" href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>LONDON \u2014 A group of some of the world\u2019s most powerful oil producers will hold a crucial meeting on Thursday to discuss reversing some of the output cuts it made last year. OPEC and its non-OPEC partners, an energy alliance sometimes referred to as OPEC+, will convene via videoconference in a bid to reach consensus [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":24820,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Saudi Arabia and Russia are at loggerheads again, but OPEC meeting \u2018unlikely to ruin the oil party\u2019 | StocExpo ","_seopress_titles_desc":"Saudi Arabia and Russia are at loggerheads again, but OPEC meeting \u2018unlikely to ruin the oil party\u2019. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-24818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/24818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=24818"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/24818\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/24820"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=24818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=24818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=24818"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=24818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}