The situation is such that relations between Russia and Saudi Arabia have become especially tense.

Russia pledged to cut production by 150,000 barrels per day (bpd) to meet demands by OPEC for non-OPEC producers join the cartel in reducing output to prop up crude prices.

However, OPEC remains unconvinced by Russian intention's to cut production. OPEC previously mentioned it would cut 1.5 million bpd from the world market, but only if non-OPEC producers undertook a sustained cut of 500,000 bpd.

Russia produces around 7 million bpd and many in the market believe the country wishes to add another 1 million bpd in the next few years.