Russia’s Lack of Oil Cuts Will Test Saudi Patience
Riyadh has been willing to overlook Moscow’s failure to curb supply, but that may change if demand forecasts prove too optimistic.
An oil tanker taking on a cargo of Saudi crude.
Photographer: Simon Dawson/Bloomberg
Welcome to Energy Daily, our guide to the energy and commodities markets powering the global economy. Today, Oil Strategist Julian Lee examines the pressures on the Saudi-Russian relationship in the OPEC+ producers’ group. To get this newsletter sent straight to your inbox, you can sign up here.
Saudi Arabia has, once again, shouldered the entire burden of cutting oil supply. At some point, the desert kingdom’s patience is going to wear thin.