Russia's increased influence on OPEC has come to irk Iran and other member nations. This presents a risk of instability heading into the coming OPEC meeting.
The Organization of Petroleum Exporting Countries and its partners are supposed to meet on June 25 to decide whether or not the cartel will continue its current oil production quotas through the end of 2019. With oil prices in the low $50s for WTI and low $60s for Brent, extending the deal seems like it should be a slam dunk.
Russia's President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman at last year's G20 summit in Argentina.The last time OPEC met, in December, the group was unable to reach a consensus until Russia agreed to participate. It is entirely possible that without support from Russia for a continuation of the current production quotas, Iran, Venezuela and other smaller or suffering OPEC producers will refuse to support the deal.
Most analysts seem to expect the status quo to continue for OPEC and its partners, but there is a growing possibility that the tension will only rise. Even if Russia does not appear at the OPEC meeting, Russia will loom large over the discussions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC, Russia nearing accord on long term oil supply coordination: NikkeiOPEC and other producers including Russia are in final talks for an agreement, t...
Read more »
OPEC cut to oil demand outlook builds case to keep supply curbsOPEC has cut its forecast for global oil demand growth and warned of potential f...
Read more »
U.S. and Russia train together in the Arctic, where they want to be the top powerArctic cooperation is one of few fields in which the U.S. and Russia have maintained communications, but it's also a major venue for tensions between the top two military powers.
Read more »
Donald Trump refuses to criticize Russia during joint press conference with Poland's leaderPoland wants U.S. support to protect itself from Russia.
Read more »
Turkey's Erdogan says Turkey has definitely bought Russian S-400 defense systemTurkey has already bought S-400 defense systems from Russia which he hopes will ...
Read more »
What Ivan Golunov’s ordeal reveals about RussiaThe outpouring of support for Ivan Golunov shows the power of online media and a growing mood for protest in Russia
Read more »