Saudi Arabia and other OPEC members struggled on Wednesday to win support from R...
VIENNA - Saudi Arabia and other OPEC members struggled on Wednesday to win support from Russia to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this year because of the coronavirus outbreak.
At the panel meeting in Vienna, the sources said Russia proposed keeping existing cuts by the group known as OPEC+ until the end of the second quarter. Sources said Novak went to Moscow for more consultations and would return for the full OPEC+ meeting on Friday, while OPEC will hold its full ministerial meeting on Thursday.
At those levels, oil prices are too low for many OPEC states to balance their budgets, although Russian President Vladimir Putin has said the level was acceptable for Moscow.
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