The Organization of the Petroleum Exporting Countries on March 6 failed to reach agreement with Russia on fresh supply cuts after Moscow argued it was too early to predict the impact of a coronavirus outbreak on global energy demand, sources told Reuters.
Brent crude futures were down 7% at $46.5 a barrel as of 1530 GMT. West Texas Intermediate was down 7% to $42.2 a barrel. An existing deal for output cuts will now expire in March, allowing OPEC members and non-OPEC producers in theory to pump at will in an already oversupplied market, sources told Reuters.
OPEC ministers said on March 5 they had backed an additional 1.5 million barrels per day of production cuts until the end of 2020, equal to around 1.5% of global demand, a much bigger and more extended move than expected. The Kremlin said on March 6 President Vladimir Putin had no plans to talk to the Saudi leadership, an announcement that dashed hopes that a deal could be salvaged at the very top.
ReutersBiz gfhay OPEC were being twats as usual. Russia, or the US, could simply take Saudi.
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