Oil Plunges to a 3-Year Low on Prolonged OPEC+ Cut Indecision
- Ministers propose supply curb of 1.5 million barrels a day
- OPEC’s new proposal calls for cuts to last until year-end
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Brent crude settled below $50 a barrel for the first time since July 2017, as uncertainty loomed over whether Russia would agree to OPEC’s proposal for a large production cut.
Futures in London fell 2.2% as OPEC ministers extended their initial proposal for a 1.5 million-barrel-a-day supply reduction to year-end, according to delegates. The reduction is still contingent on Russia’s support, which is so far not evident. OPEC Secretary-General Mohammad Barkindo’s reassurance of the group’s commitment to stabilizing oil markets failed to quell oil prices.