• 3 minutes Why NG falling n crude up?
  • 7 minutes Tesla Battery Day (announcements on technology)
  • 10 minutes America Could Go Fully Electric Right Now
  • 2 mins Kalifornistan, CO2, clueless politicians, climate hustle
  • 28 mins Presidential debate will address taxes. Personal and Corp, including International Oil companies that pay little U.S. Income tax using Transfer Pricing.
  • 2 days JP Morgan Christyan Malek, report this Summer .. . We are at beginning of oil Super Cycle and will see $190 bbl Brent by 2025. LOL
  • 2 hours Something wicked this way comes
  • 15 hours Ilhan Omar connected Ballot Harvester in cash-for-ballots scheme
  • 2 days Jake Gardner from Omaha wrongly charged with murder while protecting his business from rioters. . . . . . Kills himself
  • 4 hours BLM organizer plows her car thru Trump supporters. She was arrested and charged with attempted murder
  • 2 days Ten Years of Plunging Solar Prices
Why Did Washington Shorten Iraq’s Sanctions Waiver?

Why Did Washington Shorten Iraq’s Sanctions Waiver?

By shortening Iraq’s sanctions waiver…

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

Oil Prices Collapse 8% As Novak Tells OPEC+ To Pump At Will

Oil prices plunged by more than 8 percent on Friday, as the market continued to digest unfavorable OPEC news, the latest of which was Russian Energy Minister Alexander Novak telling OPEC+ countries that they were free to pump oil at will after April 1, according to the Twitter feed of Javier Blas,  Chief Energy Correspondent at Bloomberg News.

At 11:48 a.m. EST on Friday, WTI Crude was plunging by 8.5% at $42.00 and Brent Crude was plummeting by 8.72% at $45.63.

Oil prices hit their lowest level since 2017, the year in which OPEC and its non-OPEC allies led by Russia began their production cut pact to try to erase the glut on the market and prop up oil prices. The pact has been extended several times since it was launched in January 2017, most recently in December 2019 for three months to the end of March.  

But this time around, it looks like the divide between the two leading OPEC and non-OPEC producers, Saudi Arabia and Russia, is too wide to bridge.

On Thursday, OPEC’s energy ministers met and recommended that the OPEC+ partners extend the current cuts through the end of 2020 and deepen those cuts by 1.5 million bpd in Q2 in response to the slump in demand due to the coronavirus outbreak. Later on Thursday, OPEC ministers met again and decided that the 1.5 million bpd additional cut should not be only for Q2 but for the rest of 2020 as well. Related: Oil Tanks As Russia Rejects Deeper OPEC+ Cuts

But come Friday and the talks between OPEC and its non-OPEC partners led by Russia became very difficult and neither side was willing to give in. Russia continued to insist that no additional cuts should be made, while OPEC and its leader Saudi Arabia insisted on further cuts and on ‘no plan B’ if Russia is not on board.

Reports started to emerge from the Vienna meeting on Friday that the OPEC+ partners have failed to agree on deeper cuts, as wanted by OPEC, because of Russia’s continued resistance to join additional cuts, which would hurt the production plans of the major Russian oil companies.    

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mark Potochnik on March 06 2020 said:
    I love them over pumping. Drive the price below the cost of production.
    Meanwhile we pump in all the clean energy that we can.

Leave a comment




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