For months, the kingdom has cut production deeper and faster than required under the OPEC+ deal. Russian producers’ drive to cut output as part of the OPEC+ deal has waned this year. Saudi Arabia has said it will meet all requests for additional oil from countries that have had to stop buying Iranian crude. ‘Russia’s interest in raising oil output now coincides with the interest of Saudi Arabia,’ said Dmitry Marinchenko, a senior director at Fitch Ratings. Yet he pointed out that Saudi Arabia and the United Arab Emirates are already expected to do so in response to tougher U.S. sanctions against Iran.

Source: Libya Today May 15, 2019 10:18 UTC