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Russian Oil Flow to Unscathed by Coronavirus as OPEC+ Meets

  • Russian eastbound oil exports declined just 1.1% last month
  • Putin has sent mixed signals on possibility of new OPEC+ cuts
Photographer: Andrey Rudakov/Bloomberg
Updated on

Russia’s oil exports to Asia were almost unscathed in February amid the coronavirus outbreak, potentially limiting the nation’s motivation to back deep production cuts when the OPEC+ alliance meets this week.

OPEC’s key ally has sent mixed signals to its partners on the possibility of further output curb as the virus threatens to become a pandemic and slow the global economy. President Vladimir Putin insisted Sunday Russia will cooperate with OPEC+ to balance the oil market, yet said current prices are “acceptable” for the country. Saudi Arabia’s energy minister last month compared the outbreak to a blaze that needs the fire brigade.