Some of the most powerful figures in the oil world such as Saudi Arabia’s energy chief and Russia’s deputy prime minister have issued public assurances that the supply curbs could be extended beyond March. President Vladimir Putin made a rare visit to Riyadh and Abu Dhabi in a show of oil producers’ unity. All to no avail.
The OPEC+ coalition’s grip on global oil markets is looking less secure by the day.
Crude traders have shrugged off the Nov 30 pledge from Saudi Arabia and its allies to slash supplies by a further 900,000 barrels a day, remaining sceptical of its implementation. Despite the group’s multiple attempts to shore up sentiment in the past week, prices have crashed 11% to a five-month low.
