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OPEC+ countries reached no consensus

05 March 2020 10:58 (UTC +04:00)

The price of Brent oil is falling amid news about the results of the meeting of the OPEC+ Ministerial Monitoring Committee, which brought no consensus on Wednesday, as Russia and Kazakhstan did not support the idea to increase production cuts by another 1.5 million bpd for the second quarter due to the influence of coronavirus, APA-Economics reports citing TASS.

Russia’s Energy Minister Alexander Novak, left the meeting of the monitoring committee (he co-chairs it together with his Saudi counterpart) before it was over, a source familiar with the negotiations said.

Novak will return to Vienna on March 6 for the OPEC+ ministerial meeting, where, as expected, he will present his version of developing the oil production cut agreement.