Saudi Arabia and Russia, two of the world’s largest oil producers, are divided on production strategy ahead of OPEC + meeting.
Although the Middle Eastern country still sees uncertainty and favors keeping production stable, Russia wants to increase supplies, according to Bloomberg.
OPEC +, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, still withholds seven million barrels a day from the market, having started production cuts in May 2020 to counter conditions of excess supply induced by the coronavirus.
The Brent oil has recovered by more than two-thirds since the end of October to more than $ 63 a barrel. Analysts at Goldman Sachs expect prices to rise to $ 70 in the second quarter.
The OPEC + is scheduled to meet on March 4 to discuss whether to bring more crude to the market in April.
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