Russia reluctant to join Opec+ with deeper oil supply cuts
In response to the coronavirus, technical experts recommend a further supply cut of 600,000 bpd, but Russia is still assessing its effect
Cairo/London — Russia has asked for more time before committing to an oil-output cut recommended by oil cartel and allies Opec+ officials, as three days of intensive talks in Vienna failed to bridge differences between Moscow and Riyadh.
The alliance, which controls about half the world’s oil production, is facing a big test as the coronavirus outbreak in China hits demand for energy. Crude fell to one-year lows this week, hurting the budgets of entire nations from Saudi Arabia to Kazakhstan. The group has already been limiting output for three years to mitigate the pain of low prices, but Russia has shown reluctance to cut any deeper...
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