OPEC believed to have decided on cut; Russia unclear on cut

RUSSIA / FSU POLITICS - In Brief 06 Mar 2020 by Alex Teddy
On March 5 it was reported by Bloomberg that OPEC has secretly decided on a 1.5 million bpd production cut. It is uncertain if Russia, which is not an OPEC member, agrees. Since the start of 2020 oil prices are down over 20%. This is because of coronavirus. The price is about USD 50 per barrel. Alexander Novak, Russia's Energy Minister, met his Saudi analogue on March 5 but the contents of the discussion has not been disclosed. Russia would prefer to avoid any production cut. As this is impossible it will seek to minimize the cut.

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