Are Saudi Arabia and Russia getting set for oil showdown?
Tensions in the Opec+ group are rising as organisations trim their projections for a recovery in demand
Oil producers could be set for another showdown before the end of the year, with heavyweights Saudi Arabia and Russia holding different views on how to approach the halting recovery in oil demand.
Renewed restrictions on travel and social gatherings across Europe, along with the tapering of state support packages for companies, are having a chilling effect on demand for crude, just as the Opec+ group of oil producers, which cut production by a record 9.7-million barrels a day in May, begin to contemplate the next easing of limits on their output. We should all remember what happened last time they could not agree on what to do...
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