(The Moscow Times)
The OPEC+ oil cartel is set for a fresh showdown over its post-pandemic strategy to balance prices and production.
As members of the oil cartel OPEC and its allies meet this week to discuss adjusting output, analysts expect old tensions between oil producer giants to flare up again.
Russia and Saudi Arabia, respectively the world’s second and third largest producers of oil after the United States, had often been at loggerheads in the past, but when crude oil prices plunged due to the pandemic, they rallied to radically cut productionlevels and underpin prices.
