Russia ForeignMin Lavrov: Russia supports OPEC+ proposal to cut oil output
|When asked about the OPEC and its allies’ (OPEC+) proposal on global oil supply cuts to compensate for a drop in demand caused by the coronavirus, Russia’s Foreign Minister Sergei Lavrov said that they back the OPEC+ recommendation to deepen output cuts.
Key Quotes:
We support this idea.
Russian President Vladimir Putin had recently spoken with the king of OPEC’s de facto leader Saudi Arabia about the new virus, which has spread through China and beyond and sapped energy demand.
On Thursday, Russia’s Energy Minister Novak said that Russia is not yet ready to announce its position on the OPEC+ actions in relation to the new coronavirus outbreak.
At the press time, oil prices are seen trimming gains, as the risk sentiment sours on virus fears and its likely negative impact on the global economy, especially after the cautious remarks from the Japanese Economy Minister Nishimura.
WTI trades +0.60% near $51.26 while Brent is up 0.30% to $55.30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.