Top oil producers Saudi Arabia and Russia are planning to put on hold their recent efforts to provide the world with more crude after Washington and other countries said they would release stored oil to help lower prices, a WSJ report said, attributing the development to people familiar with the discussions.
Riyadh and Moscow have led OPEC and a group of other oil-producing countries in coordinating output closely amid a demand shock last year caused by the pandemic. Other members of that cartel, including the UAE, aren’t convinced a pause is necessary, according to these people, the report stated.
This comes as oil prices steadied on Thursday, as investors eyed how major producers respond to the US-led emergency oil release designed to cool the market and with Organization of the Petroleum Exporting Countries (Opec) expecting the release to swell inventories.
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