OPEC faces a difficult meeting amid a Russian intransigence .. and oil falls 4%

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Source: Dubai – Arabic.net

Oil prices continued to decline during the meeting of OPEC and its allies, after statements of Russian intransigence on additional production cuts, and expectations of a difficult meeting of the organization and its allies to agree on the reduction and distribution of the share of each of these cuts.

By 11:15 GMT, Brent crude fell 4.6% to $ 47.68 a barrel, while US West Texas crude fell 4.12% to $ 43.98 a barrel.

The decline came after a senior Russian source told Reuters on Friday that Moscow would not support OPEC’s call for more oil production cuts and would only agree to extend the existing OPEC + cuts.

“This position will not change,” the source said, while ministers from OPEC, Russia and other producers are meeting for talks at the organization’s headquarters in Vienna.

The Iranian Oil Ministry’s information site said that Minister Begin Zangana expected a “very difficult” meeting.

OPEC told Russia and other oil exporters on Thursday that it wanted to cut oil production by an additional 1.5 million bpd until the end of 2020, saying that a major move was necessary to deal with the aftermath of the Corona virus outbreak.



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