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Oil Extends Decline as Russia Rules Out Deal With OPEC on Output

  • Venezuela proposed summit to address slump in crude prices
  • Expanding Atlantic supplies seen adding pressure on market
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Oil Supply Surge Adds Price Pressure to Producers

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Oil declined for a second day after another Russian official ruled out cooperation on production cuts with OPEC, adding to signs that a global oversupply will persist.

Brent lost 4 percent in London. Russia won’t join the Organization of Petroleum Exporting Countries and isn’t able to cut production in the same way, said OAO Rosneft Chief Executive Officer Igor Sechin. Russia’s Deputy Prime Minister Arkady Dvorkovich said last week there is no way the country can artificially reduce supply.