Russia's Energy Ministry will meet with the country's oil companies on...
MOSCOW - Russia’s Energy Ministry will meet with the country’s oil companies on Wednesday to discuss future cooperation with the Organization of the Petroleum Exporting Countries, among other issues, two sources familiar with the plan told Reuters.
The failure to agree on further action triggered a 25% plunge in oil prices on Monday towards $30 per barrel, a four-year low. Russia’s largest oil producer, Rosneft , has been the most vociferous opponent of the deal, arguing that the production cuts have allowed the United States, which is not part of OPEC+, to boost its market share.
“We plan to discuss whether to return to OPEC or not,” one of the sources said. The Energy Ministry did not immediately reply to a Reuters request for a comment.
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 energy minister: no need for OPEC+ meet if no agreement on handling oil market crisisSaudi Arabia’s energy minister said on Tuesday he does not see a need to hold an...
Read more »
Oil stocks tumble across the board amid Saudi/Russia price war, energy ETF down 16%Shares of oil companies tumbled in premarket trade Monday, as crude prices fell 20% amid a price war between Russia and Saudi Arabia. The Energy Select SPDR...
Read more »
US gas prices expected to fall as coronavirus and failed OPEC talks send oil market reelingThe novel coronavirus outbreak and disagreements between OPEC caused global oil prices to plummet Monday, and experts say this could mean U.S. consumers are likely to see much lower prices at the gas pump.
Read more »
Oil Likely To Slump Below $30 On Failure Of OPEC+ And Saudi IndignationDramatic collapse of OPEC+ and the end of Saudi-Russian diplomatic camaraderie makes a bad situation worse for oil markets already weighed down by the coronavirus.
Read more »
OPEC countries lose $500 million a day in oil price crashWith oil erasing over a third of its value overnight after a messy breakup of th...
Read more »
OPEC shock pours fuel on credit-market cindersThe collapse in oil prices and worsening epidemic are causing turmoil in corporate debt markets. Yet the price moves are hard to justify, even matching the damage from Lehman Brothers’ failure in 2008. That adds weight to fears that bank trading limits can exacerbate a crisis.
Read more »