The secretary general of OPEC says that talks with non-members like Russia on cutting oil production have ended without agreement. The price of oil fell sharply in international markets, with the international benchmark down over 8%.
VIENNA — Talks between OPEC and non-member allies like Russia ended Friday without a deal on cutting oil production to limit a drop in the price of oil as the virus outbreak slashes demand.The 14 countries of the oil cartel were hoping for an agreement to reduce production at a time of huge disruption to the global economy from the virus.
OPEC wanted to cut output by 1.5 million barrels a day, or about 1.5% of world production. OPEC countries like Saudi Arabia and Iran say they need non-member allies to take 500,000 barrels of that cut on themselves. The international benchmark for crude oil fell about 8% to $46.15 on Friday. It had been trading over $50 in recent days, and is down from $69 as recently as early January, before the outbreak.
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