The Russian Federation and the Organization of Petroleum Exporting Countries (OPEC) failed to agree on production cuts which sent the price of crude on international markets tumbling 10% in the worst day of trading in five years.
The ministers of OPEC + countries have failed to agree on the extension of restrictions on oil production, two sources told TASS, following the results of negotiations in Vienna, reported Russian state news agency TASS.
“Unfortunately, they could not agree,” one of the agency’s sources said. Another confirmed that there was no “deal,” as the meeting ended.
Existing production cuts will run through the end of the month but after that it is anyone’s guess if the players will come back to the negotiating table.
Oil stocks have been hammered over the last few weeks as the global economy slows down due to the impact of the novel coronavirus pandemic.
Russian Energy Minister Alexander Novak told reporters leaving the meetings in Vienna on Friday that it meant that members could now pump what they liked starting April 1, reported CNBC.