Industry

OPEC, Russia delay meeting

Losing flow: The postponement comes despite U.S. President Trump appeal to stabilise prices.

Losing flow: The postponement comes despite U.S. President Trump appeal to stabilise prices.   | Photo Credit: REUTERS

Saudi Arabia, Russia spar over plunging price of oil

OPEC and Russia have postponed a meeting planned for Monday until later next week, OPEC sources said on Saturday, as a row intensified between Moscow and Saudi Arabia over who is to blame for plunging oil prices.

The meeting’s delay came despite pressure from U.S. President Donald Trump for the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to urgently stabilise global oil markets.

Also read | Trump says ready to help end Saudi-Russian oil price war

Output cut

OPEC+ is working on an unprecedented oil output curb equal to about 10% of world supply, or 10 million barrels per day, in what member-states expect to be a global effort that will include the United States.

Oil prices hit an 18-year low on March 30 due to sliding demand caused by government lockdowns to contain the COVID-19 outbreak, and the failure of OPEC and other producers led by Russia to extend an earlier deal on output curbs that expired on March 31.

Three OPEC sources, who asked not be identified, said the emergency virtual meeting planned for Monday would likely be postponed until April 8 or 9 to allow more time for negotiations.

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Printable version | Jul 2, 2020 10:21:41 PM | https://www.thehindu.com/business/Industry/opec-russia-delay-meeting/article31259673.ece

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