Saudi Arabia is attempting to increase oil prices at a major summit in Vienna, which will enrage the US while benefiting Russia, reported the Financial Times.
According to those knowledgeable about the discussions, Riyadh, Moscow, and other producers are planning to announce significant cuts during an Opec+ meeting on Wednesday.
The amount of the cut has yet to be decided upon, but Saudi Arabia and Russia are pushing for reductions of 1 million-2 million barrels per day or more, which might be phased in over several months.
Analysts predicted that the move would provoke a U.S. tit-for-tat response, including the release of additional oil from the country’s Strategic Petroleum Reserve.
Ministers rushed to Vienna to attend the hastily scheduled conference of Opec members and additional producers on Wednesday, which analysts have dubbed the most significant gathering in years.