This week’s oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia’s deputy energy minister Pavel Sorokin said in an interview with Reuters. Last week, Saudi Arabia failed to secure Moscow’s support for deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
Reuters Exclusive: Russia to OPEC – deeper oil cuts won’t work
11 March 2020, 12:00 am 1 minute
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Europe / Middle East / Africa
Win Types: Exclusivity
Story Types: Exclusive / Scoop