20:02 GMT05 June 2020
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    Oil Prices Slump, Coronavirus Fears Send Global Economy Into Turmoil (101)
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    MOSCOW (Sputnik) - The Organization of the Petroleum Exporting Countries (OPEC) has asked Russia for an additional oil production cut of 300,000 barrels per day, which would mean a total of 600,000 barrels daily, Deputy Energy Minister Pavel Sorokin told Reuters.

    According to Sorokin, this would be technically difficult.

    Last week, the OPEC+ group, which includes OPEC as well as Russia and other non-cartel producers, failed to agree on additional production increase and further extension of the cut deal. As a result, Saudi Arabia said it would increase the output. The oil prices reacted with a downward surge earlier this week, rattling the financial markets.

    Russia expects oil prices to eventually settle at roughly $45-55 per barrel, Sorokin reportedly said.

    Topic:
    Oil Prices Slump, Coronavirus Fears Send Global Economy Into Turmoil (101)
    Tags:
    Russia, oil output cuts, oil output, oil prices, OPEC
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