Saudi Arabia reaffirmed yesterday (1/3/2022) its commitment to an OPEC+ agreement with Russia in the oil markets despite widening sanctions on Moscow and global outrage over its military assault on Ukraine.
This comes as there is no current plan by OPEC+ to change course at the March 2022 meeting which will be held today (2/3/2022) in Vienna, regardless of the rallying of crude prices over $100 per barrel.
The U.S. would like to see OPEC+ increase output more quickly than it has been doing since August 2021, but Riyadh has so far resisted U.S. calls.
Tactical Report has prepared a 412-word report to shed more light on the Saudi position.