Tensions Rise Between Saudi Arabia and Russia Ahead of OPEC Meeting.

Saudi Arabia and Russia are at odds ahead of the OPEC+ meeting on June 4, with Riyadh frustrated that Moscow isn't reducing oil production as pledged, complicating Saudi efforts to lift oil prices to at least the Kingdom’s oil price breakeven level of $81 per barrel. Russia insists that it is cutting output as planned, but tanker-tracking data suggests that its oil supply to international markets is growing, especially in the key Asian markets long dominated by Saudi Arabia and other Middle Eastern producers. Saudi Arabia needs oil prices at $80.90 per barrel to balance its budget this year, and its ambitious development projects require high oil prices over the next five years.