Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman were expected to meet to discuss the fate of the 18-month-old oil production deal between OPEC and Russia.
The world’s largest oil exporters are negotiating how to rework their unprecedented, and successful, deal to control oil production as U.S. sanctions on Iran and the collapse of the Venezuelan petroleum industry threaten to send crude skyrocketing. They must also contend with President Donald Trump, who used his Twitter account on Wednesday to attack OPEC for artificially inflating prices.
“They can’t force the rest of OPEC to sign off, but they can go their own way. It can be just a table for two,” she said. “I find it remarkable to spend so much time listening to what Russia says OPEC policy should look like. They look like the de facto co-head of OPEC.”
The OPEC meeting on June 22 also promises to be contentious, since Iran, Iraq and Venezuela do not want to end the 18-month-old deal to withhold 1.8 million barrels a day.
