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Russia quits OPEC+ deal but will monitor situation, says Novak

Russia quits OPEC+ deal but will monitor situation, says Novak

MOSCOW (Reuters) - There is no more oil output deal between Russia, its allies and members of OPEC oil-producing countries, Russian Energy Minister Alexander Novak said on Friday, adding that the OPEC+ group of nations would continue to monitor the market situation. “Considering the decision taken today, from April 1 of this year onwards, neither we

OPEC's pact with Russia falls apart, sending oil into tailspin

OPEC's pact with Russia falls apart, sending oil into tailspin

VIENNA (Reuters) - A three-year honeymoon between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production. Oil prices plunged 10% as the development revived fears of a 2014 price crash, when Saudi Arabia and Russia

Saudi energy minister says he will 'keep you wondering' on oil output

Saudi energy minister says he will 'keep you wondering' on oil output

LONDON (Reuters) - Saudi Arabia’s energy minister said on Friday he would “keep you wondering” when asked if the kingdom could raise oil production after the collapse of an OPEC+ deal on output restraint. “I will keep you wondering,” Prince Abdulaziz bin Salman told reporters as he arrived at his hotel after leaving the meeting at OPEC headquarters

OPEC cuts deal falls apart as Russia resists, sending oil into tailspin

OPEC cuts deal falls apart as Russia resists, sending oil into tailspin

VIENNA (Reuters) - A three-year honeymoon between OPEC and Russia descended into acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production. Oil prices plunged 9% as the development revived fears of a 2014 price crash, when Saudi Arabia

Oil plunges to lowest since 2017 after Russia rejects steep OPEC cut

Oil plunges to lowest since 2017 after Russia rejects steep OPEC cut

NEW YORK (Reuters) - Oil prices tanked more than 7% on Friday to their lowest levels since mid-2017 after Reuters reported that Russia balked at OPEC’s proposed steep production cuts to stabilize prices. A Russian high-level source told Reuters that Moscow would not back a call for extra reductions in oil output and would agree only to an extension

OPEC oil cuts deal falls apart as Russia resists, crude prices plunge

OPEC oil cuts deal falls apart as Russia resists, crude prices plunge

VIENNA (Reuters) - OPEC’s plans for deep and prolonged oil cuts were derailed on Friday as non-OPEC Russia refused to support the move arguing that it was too early to predict the impact of a coronavirus outbreak on global energy demand, sources told Reuters. Failure to secure a deal between OPEC, Russia and other members of an alliance known as OPEC+,

OPEC, non-OPEC fail to agree existing cuts roll-over: sources

OPEC, non-OPEC fail to agree existing cuts roll-over: sources

VIENNA (Reuters) - OPEC and non-OPEC oil producers have failed to agree a roll over of existing output cuts, two OPEC sources told Reuters. Previously sources said OPEC and non-OPEC had failed to agree on additional cuts to cope with the outbreak of coronavirus. Oil prices extended losses on the news to trade down more than 6%.

Oil slides nearly 4% after Russia rejects steeper OPEC+ cut

Oil slides nearly 4% after Russia rejects steeper OPEC+ cut

LONDON (Reuters) - Oil prices were down nearly 4% on Friday on concerns that OPEC might not go ahead with steeper oil output cuts to bolster prices after Reuters reported that Russia rejected the proposal. Brent and WTI crude futures tumbled by nearly 6% on the news, with the close to $3 drop taking Brent crude to its lowest since July 2017 while WTI

OPEC fails to secure deal with non-OPEC on oil cuts: OPEC sources

OPEC fails to secure deal with non-OPEC on oil cuts: OPEC sources

VIENNA (Reuters) - OPEC has failed to secure a deal with Russia and other non-OPEC producers on its plans for big, additional oil production cuts, two OPEC sources said on Friday at talks between ministers from the informal alliance known as OPEC+. The sources were speaking after ministers from Saudi Arabia, Russia and other oil producing states gathered

Oil slides more than 4% after Russia rejects steeper OPEC+ cut

Oil slides more than 4% after Russia rejects steeper OPEC+ cut

LONDON (Reuters) - Oil prices dropped more than 4% on Friday on concerns that OPEC might not go ahead with steeper cuts to oil output to bolster prices after Reuters reported that Russia rejected the proposal. Brent and WTI crude futures tumbled by nearly 6% on the news, with the close to $3 drop taking Brent crude to its lowest since July 2017 while