OPEC+ meeting delayed as Saudi Arabia and Russia row over price collapse

FILE PHOTO: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Alexander Novak are seen at the beginning of an OPEC and Non-OPEC meeting in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

Oil prices hit an 18-year low on March 30 due to sliding demand caused by government lockdowns to contain the coronavirus outbreak, and the failure of OPEC and other producers led by Russia to extend an earlier deal on output curbs that expired on March 31. Putin, speaking during a video conference with government officials and heads of Russian major oil producers on Friday, said the first reason for the fall in prices was the impact of the coronavirus on demand.

Sources later downplayed the Saudi-Russia row, saying the atmosphere was still positive, although there is no draft deal yet or agreement on details such as a reference level from which to make the supply cuts. The United States is not part of OPEC+ and the idea of Washington curbing production has long been seen as impossible, not least because of U.S. antitrust laws.

Russian Energy Minister Alexander Novak told Russian state media he understood that the United States has legal restrictions on output cuts, but it should still be flexible.

This Will Go On For a While! BlackLivesMatter indivisible

There must be a journalist they can throw out a window or chop up to appease their egos. NotReally

Russia take back your honourable citizens on plane it's an appeal during Corona .

Of course. Best time to talk about how to make more money. America should refuse any foreign oil. Especially from these folks.

It doesn't matter what the price of oil/fuel is atm, we are all on lock down and cannot use our cars.

There's a pandemic and they're fighting over oil prices

But I was told they had a deal. 🤔

Neither care about the world.

wow couldn't have foreseen this

They will have to cut production by 30 million barrels a day to make a difference. Never happen.

Hard to give a shit about these assholes having an oil surplus and low prices.

Some oil exporters will suffer from economic crisis

and still gas at the pump is $3+/gal in some places, it's insanity

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