Oil Slides Amid Saudi-Russia Discord on OPEC+ Production Cuts
- Saudi is seeking production curbs of more than 1 million b/d
- Russia proposes that OPEC+ keep its current output through 2Q
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Oil slipped amid a split between Saudi Arabia and Russia over whether deeper production cuts are required to offset the demand hit from the coronavirus epidemic.
Futures fell 0.9% in New York Wednesday. The first day of OPEC+’s Joint Ministerial Monitoring Committee meeting culminated in Russian Energy Minister Alexander Novak leaving the gathering amid disagreement on the scope of proposed oil production curbs.