Saudis Tell OPEC+ to Keep Powder Dry at Talks on Supply Hike
- Russia’s Novak says the oil market is in a ‘much better place’
- Riyadh has consistently sought to keep tighter leash on supply
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.
The comments were the latest signal that the kingdom -- the leader of the group alongside Russia -- still prefers to keep a tight restraint on oil output as the market gradually emerges from the coronavirus pandemic. Brent crude jumped as much as 2.3% to $65.52 a barrel.