This paper is devoted to the development of efficient iterative methods for solving the systems of algebraic equations arising from a spectral element discretization of the equations governing the flow of an Oldroyd B fluid. The governing equations are written in terms of velocity, pressure and extra-stress, giving rise to the so-called three-field formulation. The convection terms are treated using an operator-integration-factor splitting method. The remaining terms in the system of equations constitute a generalized Stokes problem. This problem is formulated in terms of an Uzawa operator applied to the pressure. Efficient preconditioners are developed for inverting this operator that are independent of the numerical and physical parameters of the problem.
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