OilPrice.com/Bloomberg: Oil falls near $50 as coronavirus hits demand without OPEC action
Oil briefly fell past the psychologically important $50 a barrel mark as hopes for an extraordinary OPEC+ meeting to decide on further production cuts to deal with the demand hit from the coronavirus diminished.
Ministers from the group and its allies are unlikely to hold an early meeting this month, while one planned for March will go ahead, Azerbaijan Energy Minister Parviz Shahbazov told the RIA Novosti newswire. Russia has been resisting Saudi Arabian efforts to reduce output after OPEC+ technical experts recommended an additional cut of 600,000 barrels a day through June.
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WNU Editor: OPEC has been cutting production to prop up the price of oil, but Russia is no longer on board .... Oil Prices Could Fall Much Further As Russia Refuses Additional Production Cuts (Forbes).
