OPEC struggles to win Russian backing for big oil cut amid coronavirus vanguardnews
Saudi Arabia and other OPEC members struggled on Wednesday to win support from Russia to join them in additional oil output cuts in a bid to prop up prices that have tumbled by a fifth this year because of the coronavirus outbreak.
Saudi Arabia wants extra cuts of 1 million to 1.5 million barrels per day for the second quarter while keeping existing cuts of 2.1 million bpd in place until the end of 2020.Russian Energy Minister Alexander Novak, who had held talks with his Saudi counterpart Prince Abdulaziz bin Salman earlier on Wednesday, left the meeting of the panel, known as the Joint Ministerial Monitoring Committee, after three hours of talks.
The Saudi and Russian ministers have made no public statements so far since arriving in the Austrian capital.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC will help stabilise oil market amidst Coronavirus concerns - African...As oil prices sank about 14 per cent last week and the Brent hit a 12-month low on the back of the coronavirus outbreak, the Organisation of Petroleum...
Read more »
Footshakes at OPEC meeting amid Coronavirus concerns
Read more »
Temperature Screenings, Footshakes As OPEC Meets Amid Coronavirus ConcernsTemperature Screenings, Footshakes As OPEC Meets Amid Coronavirus Concerns
Read more »
Russia bans export of masks, respirators to fight Coronavirus
Read more »
Nigeria faces harder times as OPEC mulls 2.7 million daily cutNigeria’s vulnerable economy may face further challenges following plans by the Organisation of Petroleum Exporting Countries (OPEC) to reduce crude oil output by about 2.7 million barrel per day...
Read more »
Temperature Screenings, Footshakes As OPEC Meets Amid Coronavirus ConcernsTemperature Screenings, Footshakes As OPEC Meets Amid Coronavirus Concerns
Read more »