OPEC could deepen oil supply cuts with or without Russia -sources | ZAWYA MENA Edition

OPEC could deepen oil supply cuts with or without Russia -sources | ZAWYA MENA Edition:

OPEC could agree on deeper oil supply cuts this week, with or without Russia's support, to halt the slide in crude prices triggered by the global spread of the coronavirus, said two sources familiar with the talks. 


Moscow is resisting further output curbs, arguing that reduced production by the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, will not necessarily revive oil demand, the sources said.

Russian President Vladimir Putin on Sunday said that current prices are acceptable for his country's budget and that Russia - a key member of OPEC+ - has sufficient resources to contend with any deterioration in the global economy. 

"Saudi Arabia wants to hold prices from falling, but Russia is still not agreeing. So the only way might be for OPEC to cut alone, which will not send a good signal to the market," one of the sources said.