Russia has been the most consistent advocate for the first element, and others in the group also support the move, people familiar with the matter said earlier this week. Updates with comment from Russian deputy prime minister in sixth paragraph. First, will the cartel proceed with abarrel-a-day collective output hike in April?
He has often warned of his willingness to inflict pain on anyone short-selling oil. But recently, the kingdom has been considering whether it would be appropriate to return all of those barrels in a single month, or spread the move over a longer period, people familiar with the matter said earlier this week.
The Organization of Petroleum Exporting Countries and its allies have kept oil-watchers guessing about their next move in the buildup to the meeting.
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Delegates said several options were still on the table and it was unclear in which direction the negotiations would go. Preliminary talks on Wednesday offered few clues as to whether the market will get the April supply increase it had been expecting. The comments were the latest al that the kingdom -- the leader of the group alongside Russia -- still prefers to keep a tight restraint on oil output as the market gradually emerges from the coronavirus pandemic.
On the second element, Saudi Arabia originally intended for its voluntary supply reduction to only last for two months. Brent crude jumped as much as 2.
Are you looking for a stock? Whether the fullbarrels a day, or a smaller amount, will be returned was still uncertain on Thursday morning, delegates said. A familiar divide was emerging in the negotiations, with Saudi Arabia advocating output restraint and Moscow keen to pump more crude as demand recovers.