OPEC meeting delayed as Saudi and Russian tensions explode


A meeting scheduled for Monday between officials from the Organization of the Petroleum Exporting Countries, Russia and other petroleum producers, who had hoped for an agreement to end the turmoil in the energy markets, was postponed, according to two OPEC delegates.

The news comes as lingering tensions have resurfaced between Saudi Arabia, the de facto leader of OPEC, and Russia, which is responsible for the recent collapse in oil prices. On Friday, Russian President Vladimir V. Putin partially blamed Saudi Arabia for the drop in prices. The Saudis responded with angry statements from their foreign and energy ministers accusing Russia.

The news of the meeting’s delay could boil the markets when trading resumes on Monday. The meeting, which was never officially announced but which was widely reported on Friday, added hope that OPEC and Russia would agree on production conditions.

President Trump said on Thursday that he and Russia and the Saudis were on the verge of reaching an agreement to cut production, causing oil prices to skyrocket by nearly 40 percent, to around $ 34 a barrel. brut Brent, the international benchmark.


Please enter your comment!
Please enter your name here