• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 1 day Daniel Yergin Book is a Reality Check on Energy
  • 2 days Permian in for Prosperous and Bright Future
  • 4 hours US after 4 more years of Trump?
  • 2 days Famine, Economic Collapse of China on the Horizon?
  • 2 days Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days YPF to redeploy rigs in Vaca Muerta on export potential
  • 5 hours Something wicked this way comes
  • 2 hours Why NG falling n crude up?
  • 2 days Gepthermal fracking: how to confuse a greenie
  • 2 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 4 hours The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 1 day Open letter from Politico about US-russian relations
  • 4 days Surviving without coal is a challenge!!
Oversupply Adds To Grim Oil Demand Outlook

Oversupply Adds To Grim Oil Demand Outlook

The oil demand recovery is…

Oil Rises After EIA Confirms Crude Inventory Draw

Oil Rises After EIA Confirms Crude Inventory Draw

Oil prices continued to rally…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Won’t Accept Additional 1.2 Million Bpd Output Cut

Russia is not on board with a proposal of OPEC leader Saudi Arabia that the OPEC+ coalition deepen the collective cut by 1.2 million barrels per day (bpd), Summer Said, Senior Middle East Correspondent at The Wall Street Journal, tweeted on Wednesday from Vienna, quoting sources.

The energy ministers of Russia and Saudi Arabia, Alexander Novak and Prince Abdulaziz bin Salman, are meeting in Vienna at the time of writing, before a panel of the OPEC+ group, including the two ministers, convenes to discuss how the coalition should react to the depressed global oil demand amid the coronavirus outbreak.  

Saudi Arabia and OPEC are trying to convince Russia to sign up to a massive deeper cut in Q2. So far Russia has appeared uncommitted, although Russian President Vladimir Putin suggested this weekend that Moscow would continue to play ball and cooperate with OPEC, even though it sees current oil prices as “acceptable.” 

Russia is looking to have its participation in any fresh cut at the minimum possible level, a source told Reuters on Wednesday.

However, Saudi Arabia wants the OPEC+ coalition to agree to a collective cut of more than 1 million bpd, delegates told Bloomberg on Wednesday.

On Tuesday, the Joint Technical Committee of the OPEC+ group, meeting before the regular OPEC meeting, considered bigger oil production cuts—between 600,000 bpd and 1 million bpd, and ended up recommending additional cuts of at least 600,000 bpd. 

OPEC’s smallest producer, Equatorial Guinea, thinks that the OPEC+ group may consider rolling over the current cuts for another year and deepening the cuts in Q2, Equatorial Guinea’s energy minister Gabriel Obiang Lima told S&P Global Platts on Wednesday, noting that an additional cut of 1 million bpd would “send a very clear message and we just need to meet to confirm that.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on March 04 2020 said:
    I hope Saudi Arabia and other decision makers in OPEC understand this simple premise, namely, ANY DEEPENING OF EXISTING CUTS BY OPEC IS OIL DOWN THE DRAIN WHILE THE CORONAVIRUS IS GOING ON.

    That is why Russia won’t accept deeper cuts.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News