OPEC+ On Brink of Failure as Russia Resists Deeper Oil Cuts - Bloomberg:
Russia resisted pressure from its OPEC allies to make deeper production cuts, pushing the cartel’s high-stakes diplomatic gamble to the brink of failure and sending prices plunging.
Energy Minister Alexander Novak arrived from Moscow on Friday morning and told fellow ministers that he favored maintaining the group’s supply reduction at current levels until June, when they could again consider deeper cuts, according to a person familiar with the matter.
Ministers from the Organization of Petroleum Exporting Countries told Russia on Thursday that if it doesn’t join them in cutting oil output by another 1.5 million barrels a day to offset the impact of the coronavirus, then the cartel could abandon its reductions altogether. Hours later, the group raised pressure on Moscow again, emerging from an informal meeting at the Saudi delegation’s hotel with a proposal to extend the curbs for even longer than initially suggested.
Unless Moscow cuts output, “there will be no deal,” his Iranian counterpart Bijan Namdar Zanganeh said on Thursday.
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