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Saudi Bid to Cut Hits Russian Pushback as OPEC Experts Meet

  • Joint Technical Committee convenes in Vienna amid crude slump
  • Saudis push for response after oil sank below $50 a barrel
SAUDI ARAMCO EXCLUSIVE

Photographer: Simon Dawson/Bloomberg

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Saudi Arabia’s diplomatic push for an OPEC+ production cut ran into Russian resistance again on Tuesday, while delegates from the alliance met in Vienna to assess the fallout from the coronavirus.

OPEC+ technical experts gathered to analyze the impact of the crisis on oil demand, and diplomatic efforts between Riyadh and Moscow continued in parallel. According to two delegates, Saudi Arabia is pushing for a production cut of at least 500,000 barrels a day -- and even up to twice that amount. But Russia, whose budget is more resilient to lower oil prices, continued to push back, according to several delegates.