Petroleum prices plunge as news of 'no deal' result reaches markets. FMTNews Oil
VIENNA: Opec and its allies failed to reach a deal on oil production cuts Friday, after Moscow refused to tighten supply to counter the effects of the coronavirus outbreak, sending oil prices tumbling.
Following hours of discussions, Russian Energy Minister Alexander Novak said that the talks between Opec and Opec+ had failed to bring about a deal. Oil prices, which have already tumbled to lows not seen since mid-2017 because of the coronavirus, fell further. “We have some few knotty issues, but the norm is here to have everybody on board,” he told reporters.
The 23 producers have since early 2017 tried to support prices through production cuts, initially of the order of 1.2 million barrels per day. “The Russians can live with US$40 a barrel oil and it seems they are willing to stomach even lower prices in the short-term to see the industry consolidate,” senior market analyst Edward Moya at the online broker Oanda said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opec divided on how to combat Covid-19 fallout | The Malaysian InsightOpec divided on how to combat Covid-19 fallout
Read more »
Opec to recommend 1.5-mil-barrel output cut to alliesSaudi Arabia is a supporter of further cuts but Russia may be harder to convince. FMTNews SaudiArabia Opec Virus Coronavirus Covid19
Read more »
Oil falls to more-than 2-year low as Russia balks at proposed Opec+ cutsCartel is engaging in a high-stakes diplomatic gamble that risks a further price crash if it backfires. FMTNews Opec Price Russia
Read more »
Opec to recommend 1.5-mil-barrel output cut to alliesSaudi Arabia is a supporter of further cuts but Russia may be harder to convince. FMTNews SaudiArabia Opec Virus Coronavirus Covid19
Read more »
Oil falls to more-than 2-year low as Russia balks at proposed Opec+ cutsCartel is engaging in a high-stakes diplomatic gamble that risks a further price crash if it backfires. FMTNews Opec Price Russia
Read more »
New Covid-19 deaths in US, lawmakers reach funding deal | The Malaysian InsightDeath toll is at 11 with more than 130 infected nationwide.
Read more »