Fox Business Flash’s headlines are here. See what clicks on FoxBusiness.com.
Saudi Arabia and Russia failed on Monday over whether their producer union should promote crude production amid an escalating pandemic, delegates said after a day of talks ended without an agreement.
The 13-strong Saudi-led Organization of the Petroleum Exporting Countries met virtually on Monday with ten Russia-led producers, a group co-named OPEC-plus, in the first of their monthly meetings to assess global oil demand. Last month, they agreed to increase production by 500,000 barrels per day, bringing their net cut since the start of the pandemic to about 7.2 million barrels per day.
OIL PRICES RAND LOWER BEFORE MEETING AND EXPORT LEVEL BOOKINGS
They would decide on Monday to continue to increase production or to keep pat.
Saudi Arabia and most of the broader alliance support it to be stable for at least another month, delegates said. These countries are concerned that a new variant of the Covid-19 virus threatens the revival of the pandemic, while vaccination programs are not progressing as fast as expected.
Saudi Arabia and Russia failed on Monday over whether their producer union should promote crude production amid an escalating pandemic, delegates said after a day of talks ended without an agreement. (Photo by Askin Kiyagan / Anadolu Agency via Getty Images)
“Even in this generally optimistic environment, I want to be careful,” Saudi Energy Minister Abdulaziz bin Salman said during the opening speech before the online meetings. “Do not risk what we have achieved for the sake of an immediate illusory advantage.”
OIL QUESTION REACHES ‘PREVIOUS LEVELS DONE’: FORMER OIL PRESIDENT
However, Moscow has insisted on an increase in production by another 500,000 barrels per day, the delegates said. Russia sees oil consumption returning and is concerned about the loss of market share to US producers, which is not subject to restrictions.
Click for more information on WSJ.com