Saudi Arabia is the cartel’s leading producer and most powerful member. Meanwhile, over the past years, Russia emerged as an influential non-member, cooperating with the cartel on production policy. Therefore, OPEC’s policy decisions have become a function of decisions made in Riyadh and Moscow. Going into the latest meeting, oil prices had declined from the 2022 highs of over $130 per barrel for the two benchmark futures markets, the ICE Brent and the NYMEX WTI contracts. With WTI near $70 and Brent $75 before the latest meeting, OPEC plus Russia faced a bearish trend as economic weakness in China and U.S. SPR sales weighed on the energy commodity’s price. In a sign that the June 4 OPEC meeting would be highly contentious, the cartel banned the press, a departure from the past.
OPEC+ Supports Prices on June 4
