Saudi Arabia and other OPEC members struggled on Wednesday to win support from R...
VIENNA - Saudi Arabia and other OPEC members struggled on Wednesday to win support from Russia to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this year because of the coronavirus outbreak.
At the panel meeting in Vienna, the sources said Russia proposed keeping existing cuts by the group known as OPEC+ until the end of the second quarter. Sources said Novak went to Moscow for more consultations and would return for the full OPEC+ meeting on Friday, while OPEC will hold its full ministerial meeting on Thursday.
At those levels, oil prices are too low for many OPEC states to balance their budgets, although Russian President Vladimir Putin has said the level was acceptable for Moscow.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi-Russia alliance under pressure at OPEC meeting, as coronavirus saps oil demandThe energy alliance between Saudi Arabia and Russia will likely come under intense scrutiny at this week's OPEC meeting as the producers discuss how best to cushion the impact of the coronavirus outbreak.
Read more »
Oil rises a second day as stimulus hopes, expected OPEC cuts offset virusOil prices rose for a second day on Tuesday on expectations that central banks a...
Read more »
Oil clambers higher as OPEC, allies move closer to deeper output cutsOil prices jumped 1.5% on Wednesday on hopes that major producers have made prog...
Read more »
Saudi-Russia alliance under pressure at OPEC meeting, as coronavirus saps oil demandThe energy alliance between Saudi Arabia and Russia will likely come under intense scrutiny at this week's OPEC meeting as the producers discuss how best to cushion the impact of the coronavirus outbreak.
Read more »
Mnuchin hails Fed decision to cut rates amid coronavirus outbreak, as Trump calls for more actionTreasury Secretary Steven Mnuchin told lawmakers Tuesday that he supported the Federal Reserve's decision to cut rates in a bid to support the economy amid the coronavirus outbreak.
Read more »
Homebuilder stocks jump on Fed rate cut amid coronavirus outbreakThe homebuilders' ETF (ITB) is near the high of the session, up almost 2.3% and up 6.2% week-to-date.
Read more »