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Key members of OPEC would miss President Trump, who helped the cartel along with Russia bring about a record output cut, and are worried that strains in the OPEC+ alliance could reemerge under Joe Biden’s leadership, sources told Reuters. OPEC+ is a group of major producers led by Saudi Arabia and Russia. 

Key points/quotes

Biden prefers multilateral diplomacy to Trump’s unilateral approach and could relax sanctions on Iran if Tehran resumes compliance with the nuclear pact. That would allow Iran to boost its oil supplies. 

There is the risk of Russia leaving the OPEC+ deal too which means a collapse of the agreement, as it was Trump who brought Moscow on board, the source said.

 

 


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