Coming OPEC+ meeting draws close scrutiny after President JoeBiden's Saudi spat
Cartel members will meet virtually on Sunday against the backdrop of potentially disruptive new oil sanctions on Russian exports, a move intended to drive down President Vladimir Putin’s oil revenue amid the war in Ukraine. Russia is one of nearly a dozen OPEC+ oil-producing countries led by Saudi Arabia that meet regularly to set production quotas.In October, OPEC+ said it would cut production by 2 million barrels, stoking fears that the move could cause oil prices to rocket upward. U.S.
Meanwhile, the White House has downplayed the review Biden promised, saying that the president continues to support a “fresh look” at the relationship while declining to provide a timeline for this. Officials have indicated there is unlikely to be a formal document issued, which could upset the delicate effort to bring the two countries into alignment.
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