DUBAI/MOSCOW (REUTERS) - Opec and Russia have postponed a meeting due on Monday to discuss oil output cuts until April 9, Opec sources said on Saturday, as a row between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified.. Read more at straitstimes.com.
DUBAI/MOSCOW - Opec and Russia have postponed a meeting due on Monday to discuss oil output cuts until April 9, Opec sources said on Saturday, as a row between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified.
Opec+ is now working on a deal to cut the production of oil equivalent to about 10% of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the United States. Putin, speaking on Friday during a video conference with government officials and the heads of major Russian oil producers, said the first reason for the fall in prices was the impact of the coronavirus on demand.
Opec sources later downplayed the Saudi-Russia row, saying the atmosphere was still positive, although there was no draft deal yet nor agreement on details such as a reference level from which to make the production cuts. The United States is not part of Opec+ and the idea of Washington curbing production has long been seen as impossible, not least because of US antitrust laws.
Russian Energy Minister Alexander Novak told Russian state media he understood that the United States had legal restrictions on output cuts but it should still be flexible.
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