As OPEC production cut Vienna meeting developments flood Twitter with oil markets hanging on every word, OPEC may be ready to end its alliance OPEC+ heavyweight Russia after today's meeting between OPEC and non-OPEC members ended with no deal.
OPEC and the Coronavirus have been pressuring Russia for weeks as oil prices have tumbled to sub-$50 per barrel, but Russia has so far decided it doesn't want to participate in further production cuts to offset the loss in demand.
After OPEC so brazenly decided on collective OPEC+ cuts of 1.5 million bpd without Russia's input or blessing, the oil cartel-that used to be able to go it alone when it comes to manipulating markets-decided the non-OPEC members would need to cut 500,000 bpd of that. With Russia being the largest producer in that group, it is assumed that it would have to shoulder most of those cuts.
But Russia didn't appreciate the audacious decide-now-ask-permission later routine, and today, at the meeting in Vienna, Russia failed to agree to any additional cuts-let alone a 500,000 bpd one. Instead, Russia agreed only to rolling over the current cuts through the next quarter.
"Today will be a regretful day" Saudi's oil minister said after the meeting ended, according to Amena Bakr, Energy Intel Deputy Bureau Chief, quoting meeting delegates.
However, talks between OPEC and OPEC+ delegates will continue according to a post-meeting statement.
Twitter rumors suggested that delegates had said they may walk out over its alliance with Russia.
Other rumors from recent weeks circulated that OPEC may decide to go it alone with additional production cuts that the Joint Technical Monitoring Committee suggested before the meeting. OPEC denied those rumors.
OPEC and Russia do have a history of drama leading up to production cuts, and Russia has ended talks with no deal before, only to return to the negotiating table to get a deal done.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More
Comments
Eloon Muskrat is also telling everyone not to worry about this coronavirus thing….he knows the same thing that Mr. Cook knows….that China has contained it because China has had the vaccine all along.
So an operative inside China caused the release of the coronavirus from the lab...and then China scrambled to contain it as millions and millions of vaccines were manufactured and administered to the population....effectively blocking its spread in China.
The Illuminati knew which stocks to buy, which stocks to sell...and they will buy more after the market hits bottom. This outbreak will also degrade the China-Russia-Iran alliance, so more icing on Illuminati's cake. In the meanwhile, lots of sick and weak people will die all over the world...all thanks to the Illuminati....and the very predictable nature of the Chinese government of keeping this virus...and the vaccine...secret...and the Illuminati counted on this.
It was important for the many millions and millions of Chinese people who were inoculated with the China engineered COVID-19 vaccine to stay isolated for two to three weeks after receiving the vaccine in order for it to become effective. Happy New Year, Xi. The Illuminati thank you for being such a rat....just as they knew you would be. Eloon is all smiles....as people are suffering and dying from his mentors' actions....and he knows it. So riddle me this Elooon....what's gonna happen to you and your Illuminati friends when the truth surfaces?
Soon China will announce that it has an effective vaccine….even though China has had it all along. China has to pretend that it will start inoculating its people even though China has been doing it for many weeks already. Otherwise, the world community will suspect something because doctors from other countries will realize that China has already inoculated many of its people.….because there is no way in hell that China has contained this very contagious virus without a vaccine. China is running out of time…..China has to announce to the world that it has started vaccinating within a few weeks if China wants to continue to fool the world.
So now all we need for our theory to hold water is for China to announce that it will start vaccinating its people in a few weeks….because that’s the only way China could cover up the fact that China has already vaccinated many of its people…..and then of course China will share its vaccine miracle with the world and Xi will be the good guy…..a superhero…..and the US Democrats will be in nirvana because China will be the world’s shining star….even though the socialist leadership (that also controls the US Democrat Party) will know the ugly truth about China…and they will do all they can to protect China and to make sure the cover-up is successful.