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OPEC+ Talks on Brink of Failure as Russia Resists Deeper Cuts

  • Cartel needs output deal as coronavirus hammers oil demand
  • Russia still opposes Saudi-led proposal to slash production
An OPEC sign hangs outside the OPEC Secretariat ahead of the 177th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria.
Photographer: Stefan Wermuth/Bloomberg
Updated on

OPEC+ talks were on the brink of failure as Russia resisted Saudi Arabia’s push for deeper production cuts. Oil prices slumped.

Russia was refusing to make further supply reductions and Saudi Arabia was unwilling to cut without Moscow’s participation, said delegates from both OPEC and non-OPEC countries. There was a 99% chance the talks in Vienna will fail, said one high-level official.