Saudi Push for Early OPEC+ Meeting Hits Russian Resistance - Bloomberg:
Saudi Arabia’s push to convene an emergency OPEC+ meeting next month, bringing forward a gathering scheduled for March, ran into resistance from its key oil-market ally, Russia.
The kingdom, the biggest member of the Organization of Petroleum Exporting Countries, has consulted with fellow producers on expediting the meeting -- currently lined up for March 5 to 6 -- amid growing alarm that Asia’s coronavirus outbreak will weaken oil demand, several delegates said.
As of Thursday evening, the process was temporarily on hold after encountering a variety of scheduling obstacles, delegates said. Whether talks resume will depend on movements in oil prices, one of the delegates said.
West Texas Intermediate crude, the U.S. benchmark, was down 2.8% at $51.86 a barrel as of 12:59 p.m. local time.
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