OPEC's month-long wrangle over a date for its next meeting has highlighted ...
LONDON/DUBAI/MOSCOW - OPEC’s month-long wrangle over a date for its next meeting has highlighted a changing dynamic in the group with decisions increasingly driven by long-time leader Saudi Arabia in tandem with non-OPEC Russia, angering member states like Iran.
But tensions have become more pronounced as Iran has sought a bigger say while its exports tumble due to U.S. sanctions and as a new Riyadh-Moscow axis has developed. OPEC sources say this means future meetings and decisions may be even more fraught. OPEC sources said Russia was behind a suggestion to push the meeting back until after G20 talks due to be held in late June, a stance backed by Saudi Arabia.A second OPEC source said: “This has never happened before, usually OPEC decides on a date and that’s it.”
OPEC with Russia and other non-OPEC producers are now set to decide whether OPEC+ extends or adjusts the supply deal that involves cutting 1.2 million bpd. The deal has been implemented since Jan. 1.
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