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Russia Comments on Saudi Relations Ahead of OPEC Meeting

OIL

Russian relations with Saudi are "constructive, based on mutual understanding, mutual respect, mutual trust, and [are] very work-like" ahead of this weekend OPEC+ meeting according Kremlin spokesperson Dmitry Peskov.

  • Saudi has made little public comment about Russia taking some of its market share in Asia due to heavy discounts on its sanctioned barrels, muscling out more premium Saudi grades.
  • OPEC+ has also not made any comment about Russian production levels which the market widely believes have fallen short of claimed 500,000 bpd cut commitments.

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