A three-year pact between OPEC and Russia ended in acrimony after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production
VIENNA - A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production.
“From April 1 neither OPEC nor non-OPEC have restrictions,” Russian Energy Minister Alexander Novak told reporters after marathon talks at the OPEC headquarters in Vienna on Friday. “Russia’s refusal to support emergency supply cuts would effectively and fatally undermine OPEC+’s ability to play the role of oil price stabilizing swing producer,” said Bob McNally, founder of Rapidan Energy Group.
The OPEC+ talks collapsed after OPEC effectively presented Russia with an ultimatum on Thursday, offering it a choice of accepting a deal with much bigger than expected cuts or no deal at all. Moscow rejected the proposal on Friday, saying it was only willing to extend existing OPEC+ cuts of 2.1 million bpd, which were due to expire at the end of March. But in response, OPEC even refused to extend the existing cuts.
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