Scrapped OPEC+ April meeting may be Saudi way of silencing dissent on oil cuts

Saudi Arabia gives the impression that the alliance of 24 oil producers it leads with Russia will be ruthless in carrying out deep production cuts over the next three months, and the market bought the portrayal by pushing U.S. crude up to just short of $60 per barrel. While Riyadh’s intent to drain the market of excess oil is clear, its decision to cancel OPEC’s April meeting suggests a desire to hide any feet-dragging by the rest of the cartel over the cuts, reports Investing.com

 

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