Russia says OPEC+ contacts between oil producers can be set up as prices collapse
The Kremlin said on Tuesday that contacts between leading global oil producers could be set up to discuss their output deal if needed after oil prices fell sharply due to overproduction and the global spread of the novel coronavirus.
US oil futures traded in negative territory after sinking nearly $40 the previous session in their first ever dive below zero, as concern grew the sector will run out of storage for a glut caused by the coronavirus lockdown.
“There exist all the mechanisms to check up on our positions with our partners on this deal (between OPEC+ producers),” Kremlin spokesman Dmitry Peskov told a daily conference call with reporters, adding that “necessary and due” contacts could be organized if needed.
He also linked the collapse of oil futures to “speculative” trading, adding that the Russian government had all the reserves it needed to offset the low price of oil, its main export.
Coronavirus: Brent oil prices fall under $20, lowest price in nearly 20 yearsBrent North Sea crude slumped to under $20 per barrel on Tuesday, reaching the lowest level for more than 18 years as the coronavirus pandemic slashed ... Coronavirus
ADNOC to cut oil supply following OPEC+ output agreement: SourcesMiddle East oil producer Abu Dhabi National Oil Co (ADNOC) has informed term buyers it will reduce the supply of crude in May for all four crude ... Energy
‘The death of US shale:’ Oil prices turn negative as coronavirus plunges marketPrices for US West Texas Intermediate (WTI) oil plunged below zero on Monday meaning producers are paying buyers to take crude off their hands as ... Coronavirus