YGRN - How much more oil can the market take? Clash at OPEC+

Moscow and Riyadh are again at odds over how much extra oil the market can tolerate as the escalating COVID-19 pandemic threatens a wave of tighter lockdowns.At a meeting on Monday, Saudi Energy Minister Prince Abdulaziz bin Salman proposed rolling back the 500K barrel-a-day production increase the group made this month, while his Russian counterpart, Deputy Prime Minister Alexander Novak, wanted to maintain that supply hike and add the same amount for February.OPEC+ talks were unexpectedly suspended as a result, but will resume Tuesday. While failure to reach a compromise is rare, it can have damaging consequences, like the month-long price war seen in 2020.Bigger picture: The extension of talks casts also casts doubt on the production increase of 500K barrels a day traders had penciled in for March and April. OPEC+ producers are currently idling 7.2M barrels a day, or about 7% of world supplies, and had planned to

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How much more oil can the market take? Clash at OPEC+