Tensions are rising between Saudi Arabia and Russia, as Russia continues to pump huge volumes of cheaper crude oil into the market and undermining Saudi efforts to boost prices, The Wall Street Journal reported Saturday. Saudi Arabia reportedly has expressed its anger to Russia for not keeping its previous pledge to curb production in response to Western sanctions, ahead of a crucial OPEC+ meeting set for Vienna on June 4. Earlier this week, the Saudi energy minister issued a warning to oil speculators, signaling to the market that a further production cut was possible, but Russia's deputy prime minister soon contradicted him by expressing doubts about further reductions. Crude oil futures are ~10% lower than in early April despite the Saudi-led production cuts, with Brent crude closing Friday at $76.95/bbl. More on oil:

Source: Wall Street Journal May 28, 2023 14:51 UTC