Russia and Kazakhstan say they have not yet agreed to a deeper cut, raising the risk of a collapse in co-operation that has propped up oil prices since 2016
London — Oil prices slid 2% on Friday on concerns that Russia may not agree to a steeper Opec+ output cut to support prices, and on the spectre of a prolonged economic slowdown due to the coronavirus outbreak.
The new deal would mean supply curbs by Opec and its allies, a grouping known as Opec+, amounting to a total of 3.6-million bpd, or about 3.6% of global supplies. Concerns about the economic environment are overwhelming the positive effect of the proposed big output cuts, said Michael McCarthy, chief market strategist at CMC Markets.
Even with the deeper cut, Goldman Sachs said the Opec+ deal would not prevent a global oil market surplus in the second quarter. The bank maintained its Brent price forecast at $45 a barrel in April.
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