Sun Devil 92
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- Apr 2, 2015
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WSJ News Exclusive | Russia Opposes Saudi Plan for Drastic Oil Cuts
Russia on Wednesday opposed a Saudi plan that would ask OPEC and its allies to make drastic crude-production cuts, people familiar with the matter said, as the coronavirus outbreak further erodes demand amid a global oil glut.
Why Russia just torpedoed global oil prices
At the beginning of last week, concerned that demand for their product was falling faster than the cuts they’d already agreed to at previous meetings, the OPEC+ countries hatched a plan to cut their supply by another million and a half barrels a day. All they needed was for Russia to sign off. On Friday, 23 energy ministers awaited the arrival of their Russian counterpart, Alexander Novak, to do just that.
The Kremlin had a different idea. Moscow had decided it doesn’t want to cut its production any more than it already had.
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What are friends for ?
Russia on Wednesday opposed a Saudi plan that would ask OPEC and its allies to make drastic crude-production cuts, people familiar with the matter said, as the coronavirus outbreak further erodes demand amid a global oil glut.
Why Russia just torpedoed global oil prices
At the beginning of last week, concerned that demand for their product was falling faster than the cuts they’d already agreed to at previous meetings, the OPEC+ countries hatched a plan to cut their supply by another million and a half barrels a day. All they needed was for Russia to sign off. On Friday, 23 energy ministers awaited the arrival of their Russian counterpart, Alexander Novak, to do just that.
The Kremlin had a different idea. Moscow had decided it doesn’t want to cut its production any more than it already had.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
What are friends for ?