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Oil price slides on concern over OPEC-Russia deal on output
Coronavirus causes steep decline in oil demand
IHS Markit Vice Chairman Daniel Yergin says Russia will be on board for a 1.5-million barrel per day production cut.
The price of oil is slumping amid doubts that OPEC will succeed in agreeing with ally Russia on cutting production to support prices as the coronavirus outbreak disrupts the global economy.
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The cartel is trying to convince Russia and other non-member producers to join in deep production cuts to prevent weak oil prices from falling further.
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Russia's energy minister, Alexander Novak, entered the OPEC headquarters on Friday without answering journalists' questions as officials prepared to take up the cartel's proposal to cut output by 1.5 million barrels a day, or 1.5% of world production.
OPEC countries such as Saudi Arabia and Iran say they need non-member allies to take 500,000 barrels of that cut on themselves.
Analysts say OPEC may struggle to keep oil prices from falling further as it remains unclear how much the turmoil in the global economy will affect the need for energy.