OPEC and its allies failed to reach a deal on oil production cuts on Friday after Moscow refused to tighten supply to counter the effects of the coronavirus outbreak.
The day before, OPEC ministers had recommended reducing output by 1.5 million barrels per day in face of the global slowdown caused by the epidemic and the resulting fall in demand for oil.And on Friday, Russian Energy Minister Alexander Novak said that the talks between OPEC and his OPEC+ grouping had failed to bring about a deal.
OPEC’s Secretary General Mohammed Barkindo said the meeting had been adjourned, although consultations would continue. But as news of a “no deal” began to seep out, oil prices plunged more than seven per cent, with Brent North Sea crude tumbling to $46.14 per barrel and WTI to $42.26.Earlier, Oanda analyst Edward Moya had suggested that a failure to reach an agreement could spell the end of OPEC+.
According to the plan drawn up by OPEC, allies in the so-called OPEC+ grouping would have taken on 500,000 barrels of the cuts.Producers had already had to contend with abundant supplies weighing on prices, but in recent weeks the spread of COVID-19 across the world has sent prices plunging.
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