As news of the 'no deal' result reached the markets, Brent Crude fell 9 percent to $45.28, while US oil prices later fell 10.1 percent to end at $41.28.
Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia arrives for the 178th meeting of the Organization of Petroleum Exporting Countries in Vienna, Austria, on March 6, 2020. Picture: ALEX HALADA / AFP
But the decision hinged on agreement from the so-called Opec+ grouping — Russia, the world’s second largest oil producer, foremost among them. Oil prices, which have already tumbled to lows not seen since mid-2017 because of the coronavirus, fell further. As news of the “no deal” result reached the markets, Brent Crude fell 9 percent to $45.28 around 1630GMT, while US oil prices later fell 10.1 percent to end at $41.28.
“I believe that nobody in this group of countries would like us to relapse into the downturn that we went through 2014, 2015, 2016. They’re all conscious of that.” Russian officials had been quoted in recent days as being much cooler on the idea of big additional production cuts, saying that current price levels are satisfactory for Moscow and its budget planning.
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