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 It was the kingdom, not Russia, that had withdrawn from the Opec+ deal on supply quotas in early March, according to Putin’s narrative.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
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