OPEC and Russia meet on Thursday to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the ...
OPEC and Russia meet on Thursday to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the coronavirus pandemic have been complicated by mutual animosity and the reluctance of the United States to join the action.
Riyadh and Moscow, who fell out when a previous pact on curbing supplies collapsed in March, have signalled their agreement to deep cuts would depend on the United States and others outside a group known as OPEC+ joined in. "You are comparing overall decline in demand with cuts aimed at stabilising global markets. These are different concepts and they could not be equalled," Peskov said.
That issue has been muddied by a price war between Saudi Arabia and Russia that erupted after an acrimonious OPEC+ meeting in Vienna in March.
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