OPEC+ panel gets no Russian agreement for deeper oil cuts

# 23:12
4 March 2020

A panel of several ministers from OPEC, Russia and other producers failed on Wednesday to clinch an agreement about whether to make additional oil output cuts to prop up tumbling crude prices, an OPEC source said, APA reports quoting CNN.

The source said Russia, which has been resisting additional cuts that are backed by Saudi Arabia and others, proposed keeping existing cuts by the group known as OPEC+ until the end of the second quarter, while some OPEC producers wanted extra cuts of 1 million to 1.5 million barrels per day (bpd).

Russian Energy Minister Alexander Novak, who had held talks with his Saudi counterpart earlier on Wednesday, left the meeting of the oil panel, known as the Joint Ministerial Monitoring Committee, after more than three hours of talks.