OPEC headquarters in Vienna
Saudi Arabia and Russia pull OPEC+ in different directions
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
Although the fiscal breakeven oil price needed to balance budgets in OPEC+ members is set to fall as output rises, the divergence in economic considerations among Saudi Arabia, Russia and quota-buster Kazakhstan is emblematic of growing dissent within the group. Russia was one of a few countries among the eight OPEC+ members that called for holding the unwinding of voluntary oil curbs at the latest meeting on 31 May that was convened to decide production quotas for July, according to several media outlets. Before the 31 May meeting, Russia had signed on to Saudi Arabia’s sudden U-turn on the policy of propping up prices through quota curbs to an aggressive speeding up of unwinding cuts to re
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
