Russia rejects oil output cuts proposed by OPEC: reports

Russia on Thursday rejected proposals to slash crude output at an OPEC+ meeting, media reported, and asked for more time…

Russia on Thursday rejected proposals to slash crude output at an OPEC+ meeting, media reported, and asked for more time to assess the impact of a new coronavirus on crude prices.

Delegates of the Organization of the Petroleum Exporting Countries and non-member Russia — together known as OPEC+ — have been in a “joint technical committee” meeting in Vienna this week to discuss cutting production, amid fears of the coronavirus situation in oil consumer China affecting the market.

The talks began on Tuesday but collapsed Thursday as Russia rejected a proposal by Saudi Arabia to cut output by 600,000 barrels a day, the Wall Street Journal reported

Follow the live information on our channel