Saudi Arabia to Raise Oil Prices to Aid Russia, Likely to Prompt US Countermeasures

Saudi Arabia to Raise Oil Prices to Aid Russia, Likely to Prompt US Countermeasures Financial Times: Saudi Arabia is seeking to raise oil prices at a crucial meeting in Vienna in a move set to anger the US and help Russia. Riyadh, Moscow and other producers are set to announce deep cuts at a meeting of the Opec+ cartel on Wednesday, according to people with knowledge of the discussions. The size of the cut is still to be agreed but Saudi Arabia and Russia are pushing for reductions of 1mn-2mn barrels a day or more, although these could be phased in over several months. The move would probably trigger US countermeasures, including the additional release of oil from the country’s Strategic Petroleum Reserve, analysts said (Financial Times). New York Times: Experts question just how much OPEC Plus will actually cut. Only two of the 23 countries in the group — Saudi Arabia and the United Arab Emirates — are able to meet their current quotas. Energy experts say whatever OPEC Plus announces it will probably translate into a supply reduction of roughly 500,000 barrels a day, or about 0.5 percent of global supplies (New York Times).