Even a Saudi-Russia Truce Would Be Too Late to Save OPEC+ Legacy
- G-20 call Thursday will try to forge amnesty in oil-price war
- Goldman Sachs sees inventories piling up by 20 million b/d
Oil storage tanks stand at the RN-Tuapsinsky refinery in Tuapse, Russia, on March 23.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Even if Riyadh and Moscow ended their fight for oil-market share now, everything they achieved together over three years of OPEC+ would still go up in smoke.
The U.S. has used the build-up to Thursday’s emergency teleconference between leaders of Group of 20 nations to urge a rapprochement between Saudi Arabia, which is chairing the event, and Russia.