Actions speak louder than words
According to Reuters - citing a senior Gulf source familiar with Saudi Arabia - the kingdom "has always welcomed cooperation among oil producers to stabilise the market, based on the principles of fairness and equity".
Adding that producers were forced to end all voluntary supply restraint because of Russia's rejection to deeper oil output cuts in the OPEC+ meeting last month.
"It was Russia's position that triggered the collapse of the OPEC+ agreement.. this caused massive instability in oil markets", said the source.
Well, actions speak louder than words. The fact that both sides continue to put on this show for the world, where they are still not talking, just means that no real cooperation is imminent and that continues to bode ill for oil prices so long as this continues.
