OPEC Countries in Vienna Failed to Agree with Russia

Oil exporting countries held a meeting in Vienna on cutting oil production. The meeting of representatives of the Organization of Petroleum Exporting Countries (OPEC) and the "Union Countries" (OPEC +), including Russia, ended without agreement. Russia prefers to wait, Saudi Arabia insists on the need to cut oil production. Oil prices continue to drop, FXstreet reports, in connection with the continuing threat of low demand due to the coronavirus. The day before, on Thursday, March 5, OPEC countries confirmed their readiness to further reduce production by one and a half million barrels per day. Russia and other countries not included in the cartel should have taken half a million barrels of reduced volume, RBC informs. But a senior Reuters source and TASS sources said that Russian authorities did not intend to again reduce production. World prices for oil products are dropping due to lower crude oil prices below $ 42.50. This is the lowest price since mid-2017. Russian President Vladimir Putin on March 1 called the current level of oil prices "acceptable", apparently giving a sign to oil exporters that at the upcoming meeting in Vienna, the Russian side is ready to discuss a reduction in supplies due to reduced demand in the markets. Putin also said that Russia sees the upcoming OPEC+ meeting in Vienna as an instrument to ensure long-term stability.