To deal or not to do deal
Russia and Saudi Arabia blame each for the initial Opec+ breakdown. Will necessity trump naked ill-will this week?
It is fair to say that Russia and Saudi Arabia were hardly giving off unambiguous signals of a desire to kiss and make up over the weekend. The market must now decide whether the need for a supply-side response to unprecedented short-term demand destruction trumps the finger-pointing. Moscow will take part in a meeting with its Opec+ partners via video conference on Thursday, the Kremlin has confirmed. Last Friday, Russian president Vladimir Putin pinned the blame for the oil price collapse squarely on Saudi Arabia. It was the kingdom, not Russia, that had withdrawn from the Opec+ deal on supply quotas in early March, according to Putin’s narrative. A larger, 15mn bl/d reduction might
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
