Brent crude falls on concern non-Opec crude producers have not agreed to further output cuts to support prices
Singapore — Oil slid nearly 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-Opec crude producers not yet having agreed to cut output further to support prices.
The Organization of the Petroleum Exporting Countries on Thursday pushed for crude output by Opec and associated producers – a group known as Opec+ – to be cut by an extra 1.5-million barrels per day in total until the end of 2020. The call came ahead of an Opec+ meeting scheduled for Friday in Vienna.
“There will be a flurry of high level calls between Moscow, Riyadh and Abu Dhabi to get the deal done.”
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