OPEC could agree on deeper oil supply cuts this week, with or without Russia...
- OPEC could agree on deeper oil supply cuts this week, with or without Russia’s support, to halt the slide in crude prices triggered by the global spread of the coronavirus, said two sources familiar with the talks.
Russian President Vladimir Putin on Sunday said that current prices are acceptable for his country’s budget and that Russia - a key member of OPEC+ - has sufficient resources to contend with any deterioration in the global economy. Saudi Arabia has been holding its output to 400,000 bpd beneath its quota, bringing the total effective OPEC+ cuts to 2.1 million bpd.
Moscow has a history of agreeing to OPEC+ actions only at the last minute after showing initial reluctance.
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