A three-year pact between OPEC and Russia ended in acrimony after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production
VIENNA - A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production.
“From April 1 neither OPEC nor non-OPEC have restrictions,” Russian Energy Minister Alexander Novak told reporters after marathon talks at the OPEC headquarters in Vienna on Friday. “Russia’s refusal to support emergency supply cuts would effectively and fatally undermine OPEC+’s ability to play the role of oil price stabilizing swing producer,” said Bob McNally, founder of Rapidan Energy Group.
The OPEC+ talks collapsed after OPEC effectively presented Russia with an ultimatum on Thursday, offering it a choice of accepting a deal with much bigger than expected cuts or no deal at all. Moscow rejected the proposal on Friday, saying it was only willing to extend existing OPEC+ cuts of 2.1 million bpd, which were due to expire at the end of March. But in response, OPEC even refused to extend the existing cuts.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Russia can cope with oil price drop if no OPEC cut agreed -Finance MinisterRussia is fiscally prepared to cope with a drop in oil prices, Finance Minister ...
Consulte Mais informação »
OPEC backs biggest oil cut since 2008 crisis, awaits RussiaOPEC agreed to cut oil output by an extra 1.5 million barrels per day in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak
Consulte Mais informação »
Oil price dives as OPEC, Russia fail to agree on output cutThe secretary general of OPEC says that talks with non-members like Russia on cutting oil production have ended without agreement. The price of oil fell sharply in international markets, with the international benchmark down over 8%.
Consulte Mais informação »
OPEC+ meets to decide whether to cut output as coronavirus hits demandOil producing group OPEC begins a two-day meeting Thursday, along with its non-OPEC allies led by Russia, to decide whether to extend and deepen oil production cuts.
Consulte Mais informação »
'No guarantee' that Saudi Arabia will get what it wants at the OPEC meeting, expert saysOPEC's top producer Saudi Arabia is pushing for a big cut, but non-OPEC leader Russia doesn't appear to be supporting this effort.
Consulte Mais informação »