Saudi Arabia and Russia—the world’s top crude exporters—disagree about how to respond to a free fall in oil prices, and their energy ministers are set to meet in Russia in the coming days to build a consensus ahead of a meeting of the Organization of the Petroleum Exporting Countries. Russia and Saudi Arabia lead two groups that form the so-called OPEC+ alliance. They agreed to a pact late in 2018 to cut 1.2 million daily barrels of crude output. The result was a sharp increase in oil prices earlier this year.

Source: Wall Street Journal June 06, 2019 14:32 UTC