OPEC, allies fail to agree on deeper output cuts
Homa Lezgee
Press TV, Vienna
The Organization of Petroleum Exporting Countries (OPEC) and allied producers led by Russia have failed to reach an agreement on deeper output cuts.
Russia did not back an OPEC call to reduce production by an additional 1.5 million barrels a day to tackle falling prices as economic activities are effected by the coronavirus outbreak.
Moscow was instead in favor of extending the existing cuts of 2.1 million barrels a day which expire at the end of March. OPEC said that was not enough to balance the market. So, for now producers can technically pump as much as they want.
Iran’s Oil Minister Bijan Zanganeh said the sides needed more time to cool down before a final decision can be made.
OPEC ministers want to remove a total of about 3.6 million barrels a day from the market or 3.6 percent of global supply until the end of 2020. Russia says it’s still too early to make forecasts but OPEC Secretary General Mohamed Barkindo said producers cannot claim to be ignorant of the fact that demand is falling and that economic and market conditions are deteriorating globally.
OPEC’s Secretary General says Russia is fully committed to its alliance with the organization and that he’s still confident that despite the disagreements, Moscow will come back on track.
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