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Russia halts OPEC oil production cut amidst Coronavirus panic

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The Duran
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Published on 07 Mar 2020 / In News

The Duran Quick Take: Episode 490.

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss meetings held in Vienna for the Organization of Petroleum Exporting Countries (OPEC) cartel and OPEC+, which resulted in an impasse for negotiating production cuts amidst the coronavirus outbreak. Crude prices hit 2017 lows.

OPEC+ leader, Russia, does not want to cut oil production and instead is calling for a “stimulus”. Saudi Arabia, the United Arab Emirates and other OPEC countries are desperate for further cuts, as demand for their own oil is declining.

#OPEC #Russia #SaudiArabia #TheDuran

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