# Saudi Arabia and Russia at odds before crucial OPEC meeting

> Saudi Arabia and Russia are taking opposing positions ahead of an OPEC+ meeting, with Riyadh urging caution and favoring holding output steady, while Moscow wants a supply increase. Saudi Arabia's 1 million barrels per day voluntary cut is a bargaining chip, and the cartel is still withholding about 7 million barrels per day. Prices had rebounded to a one-year high.

- Date: 2021-02-19 · published 2021-02-19T12:00:00.000Z
- Category: policy · region Saudi Arabia · magnitude medium
- Page: https://feedsoft.ai/events/48552-saudi-arabia-and-russia-at-odds-before-crucial-opec-meeting
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The outcome of the dispute will determine whether roughly 7% of global supply returns to the market. A deal to restore barrels would add supply, while a hold would keep the market tighter.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-09-11 | [Saudi Arabia and Russia call for OPEC+ cohesiveness with supply cuts](https://feedsoft.ai/events/57006-saudi-arabia-and-russia-call-for-opec-cohesiveness-with-supply-cuts.md) | +2.4% | -8.4% |
| BRENT | 2017-08-02 | [OPEC, Saudi Arabia, and Sanctions Update: Connecting the Dots](https://feedsoft.ai/events/69363-opec-saudi-arabia-and-sanctions-update-connecting-the-dots.md) | +0.9% | +0.2% |
| BRENT | 2025-05-28 | [39th OPEC and non-OPEC Ministerial Meeting](https://feedsoft.ai/events/24600-39th-opec-and-non-opec-ministerial-meeting.md) | +3.7% | +6.1% |
| BRENT | 2017-11-30 | [Saudi Arabia joins OPEC+ ministerial monitoring committee -  Business & Economy - TASS](https://feedsoft.ai/events/67895-saudi-arabia-joins-opec-ministerial-monitoring-committee-business-and-economy.md) | -2.7% | +5.3% |
| BRENT | 2018-05-30 | [Saudi Arabia, OPEC and non-OPEC producers to continue cooperation until end of 2018 - Reuters — Octa](https://feedsoft.ai/events/64940-saudi-arabia-opec-and-non-opec-producers-to-continue-cooperation-until-end-of.md) | -1.1% | -0.0% |
| WTI | 2019-09-11 | [Saudi Arabia and Russia call for OPEC+ cohesiveness with supply cuts](https://feedsoft.ai/events/57006-saudi-arabia-and-russia-call-for-opec-cohesiveness-with-supply-cuts.md) | +3.3% | -8.3% |
| WTI | 2017-08-02 | [OPEC, Saudi Arabia, and Sanctions Update: Connecting the Dots](https://feedsoft.ai/events/69363-opec-saudi-arabia-and-sanctions-update-connecting-the-dots.md) | -0.2% | -5.5% |
| WTI | 2025-05-28 | [39th OPEC and non-OPEC Ministerial Meeting](https://feedsoft.ai/events/24600-39th-opec-and-non-opec-ministerial-meeting.md) | +4.1% | +6.9% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2021/2/19/saudi-arabia-and-russia-at-odds-before-crucial-opec-meeting

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.