The OPEC group of oil-producing countries and Russia announced on Friday that they had agreed to cut oil production in order to raise prices. Many nations whose economies rely on petroleum output Saudi Arabia, in response to Russia’s decision, made the biggest cuts to the price of its crude oil in more than 30 years. Aramco shares, in turn, fell below their IPO price for the first time. OPEC on Thursday agreed to cut its output by an extra 1.5 million barrels per day (bpd) in the second quarter of this year – but only if Russia joins in. If agreed, the production cut could become the deepest one since the 2008 financial crisis. The oil cartel and its allies also aim to keep existing cuts of 2.1 million bpd, which expire this month, in place until the end of 2020. Oil demand has been hit hard by the Covid-19 outbreak, with crude prices plummeting 20 percent this year. Also Russia Will Cut Oil Production By 60,000 Bpd In January. Russia is planning to reduce its oil production by 50,000 bpd to 60,000 bpd in January as part of the new OPEC+ deal, and will not be cutting its 228,000-bpd share outright at the start of the agreement, Russia’s Energy Minister Alexander Novak said on Tuesday. OPEC countries failed to reach a deal as fellow key exporter Russia refused to agree to a cut in production. Member states say the cut is vital as oil prices have taken a hit during the COVID-19 Major oil producers have reached a deal to cut oil production and boost the market, following two days of grueling negotiations and despite opposition from U.S. President Donald Trump. OPEC clinched the deal with allied oil-producing nations including Russia at its headquarters in Vienna, Austria on Friday.
6 days ago OPEC asked Russia to cut an additional 300000 bpd in oil production at last week's meeting in Vienna, but according to Russia's Deputy 3 days ago Oil is facing challenges on all fronts, with electric vehicles on the rise and a showdown between the world's biggest oil producers pushing
4 days ago Russia and Saudi Arabia, two of the world's biggest oil producers, are countries and Russia gathered in Vienna to plan production cuts that 6 Mar 2020 Russia rejected a new round of oil production cuts in response to the coronavirus outbreak, leaving the future of Moscow-Riyadh oil 9 Mar 2020 At last week's meeting, Saudi Arabia, the cartel's leader, suggested the participants collectively cut their oil production by about 1 million barrels 8 Mar 2020 Russia rejected a proposal by OPEC to cut 1.5 million barrels per day of production. In response, Saudi Arabia not only cut its forward crude 6 Mar 2020 like Russia ended Friday without a deal on cutting oil production to limit a nosedives after OPEC, Russia fail to agree on massive output cut. 6 Mar 2020 VIENNA (AP) — OPEC and key ally Russia failed to agree Friday on a cut to oil production that would have contained the plunge in the price of
5 Mar 2020 OPEC ministers took a high-stakes gamble, recommending a large production cut to offset the hit on demand from the coronavirus, without 9 Mar 2020 Saudi Arabia would push for production cuts, Russia would resist, then agree at the last minute to curb output with the hope of boosting prices. 9 Mar 2020 Saudi-Russia Rift Kills Oil Cut Deal. Crude oil prices plummeted on Friday as " Opec-plus" talks on production cuts collapsed because of 2 Mar 2020 On Monday, Russian energy minister Alexander Novak told reporters in Moscow that he is still evaluating a proposed production cut of 600,000 7 Feb 2020 Russia said on Friday it needed more time to decide whether to join any additional oil output cut by OPEC, saying U.S. crude production growth 6 Dec 2019 The OPEC oil-producing countries and ally Russia said Friday they have agreed to cut their crude production by an extra 500,000 barrels a day 8 Feb 2020 Anna Belova, Senior Oil and Gas Analyst at GlobalData, comments: “Since the first round of production cuts negotiated between OPEC members
6 Mar 2020 VIENNA (AP) — OPEC and key ally Russia failed to agree Friday on a cut to oil production that would have contained the plunge in the price of 5 Mar 2020 The deal hinges on whether non-OPEC partners including Russia agreeing to a combined 1.5 million-barrel daily production cut. 6 Mar 2020 The Organization of the Petroleum Exporting Countries (OPEC) has failed to reach agreement with Russia on a deal to cut oil production, 10 Mar 2020 The move followed Russia's rejection of a Saudi-backed plan by the Organization of the Petroleum Exporting Countries to cut crude output in 5 Mar 2020 OPEC ministers took a high-stakes gamble, recommending a large production cut to offset the hit on demand from the coronavirus, without 9 Mar 2020 Saudi Arabia would push for production cuts, Russia would resist, then agree at the last minute to curb output with the hope of boosting prices.