Russia and Saudi Arabia split on oil cuts at Opec+ meeting
Prince Abdulaziz bin Salman is pushing for a supply cut as big as 1.5-million barrels a day but Alexander Novak favours maintaining output at current levels
05 March 2020 - 09:57
Vienna — Opec+ found itself stuck yet again, after a day of talks ended with its two most important members split over whether they should deepen production cuts to offset the huge demand hit from the coronavirus epidemic.
With oil prices down more than 20% since the beginning of the year, the debate between Russia and Saudi Arabia was being closely watched across the energy industry. The fortunes of resource-dependent economies from Africa to Asia, as well as corporate giants like ExxonMobil Corp. and shale drillers in Texas, could turn on the cartel’s decision...
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