Russia rejected proposals to cut oil output at an OPEC+ (Organization of the Petroleum Exporting Countries and non-member Russia) meeting, as reported by media.
This, as the delegates of the Organization of the Petroleum Exporting Countries and non-member Russia — known as OPEC+ — have been in Vienna for a “joint technical committee” meeting in order to discuss cutting production in the midst of fears of the 2019 novel coronavirus situation in oil consumer China affecting the market.
The said meeting began on Tuesday, yet ended after two days as Russia rejected Saudi Arabia’s proposal to cut oil output by 600,000 barrels per day, as reported by the Wall Street Journal.
According to Energy Minister Alexander Novak, Moscow was not yet ready to formulate a position “without understanding the situation clearly and having clear prognoses on the development of the coronavirus situation.” He added that Russia “would need additional time” in order for the country to “see how the situation develops” and “what kind of influence it will have on the global markets and on oil.”
Two-thirds of oil imports in China came from OPEC and Russia.
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