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Humbled Saudis May Yet Clinch OPEC+ Deal as Virus Spreads

  • Kingdom’s urgent push for output cuts was thwarted by Russia
  • Saudi minister under great pressure from the Crown Prince
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The Winners & Losers of Oil's Plunge
Updated on

Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet this week, the humbled kingdom may yet clinch victory.

Ever since it became clear the outbreak was savaging energy demand in China -- and oil prices everywhere -- Riyadh has been pushing for swift production cuts to compensate. Russia, the most important partner in the producers’ coalition, rebuffed those entreaties, underscoring the dominant role that President Vladimir Putin has played since forging an alliance with the Saudis three years ago.