Russia says too early to consider extra output cuts, wait for OPEC+ deal to start
The Kremlin said on Wednesday that it was too early to draw any conclusions about possible additional steps to stem the slump in oil prices before the global deal agreed by the OPEC+ group takes effect on May 1.
Oil prices slumped to less than $16 a barrel on Wednesday, hitting their lowest level since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic continues to hammer demand for fuels.
“We should make an analysis just when the OPEC+ deal starts working... Now, we have just to wait,” Kremlin spokesman Dmitry Peskov told reporters when asked about any potential additional measures Russia could take in connection with the weak oil prices.
Read more:
OPEC+ holds ‘informal teleconference’ to discuss price slump
Some OPEC ministers due to meet, discuss implementing output cuts immediately: Source
Saudi Arabia says it is committed to oil market stability, OPEC+ supply cuts
-
OPEC+ holds ‘informal teleconference’ to discuss price slump
The OPEC alliance of oil producers said "several" member states, and some of its allies in the OPEC+ grouping, held a teleconference on Tuesday to ... Energy -
Some OPEC ministers due to meet, discuss implementing output cuts immediately: Source
A number of OPEC ministers will hold a conference call on Tuesday to discuss oil market developments and means of implementing agreed oil cuts ... Energy -
Saudi Arabia says it is committed to oil market stability, OPEC+ supply cuts
Saudi Arabia remains committed to achieving stability in the oil market and reaffirmed its commitment to maintaining supply cuts for the next two ... Energy