The energy alliance between Saudi Arabia and Russia will likely come under intense scrutiny at this week's OPEC meeting as the producers discuss how best to cushion the impact of the coronavirus outbreak.
Johannes Benigni, chairman of JBC Energy Group, told CNBC late last week that the problem for the Saudi-Russian alliance is that while Riyadh might have appetite for higher oil prices, Moscow is "perfectly happy" with crude futures between $50 and $60.
Brent has fallen almost 25% since climbing to a peak in early January, with WTI down more than 30% over the same time period. After several days of uncertainty, Russian Energy Minister Alexander Novak told reporters in late February that the oil producers had developed a "common understanding" that there was no need for an emergency meeting.
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