Russia is thought to be standing in the way of further OPEC-led production cuts, the Wall Street Journal reported on Thursday, citing unnamed cartel delegates.
The Saudi-led producer group has been unable to reach a consensus over its response to China’s coronavirus outbreak.
It comes after delegates representing OPEC and non-OPEC allies, sometimes referred to as OPEC+, met for three days to debate whether further output cuts would be necessary in order to offset falling demand for crude.
Earlier in the day, an OPEC+ technical panel recommended a provisional cut of 600,000 barrels per day, Reuters reported, citing two sources.
International benchmark Brent crude traded at $55.07 on Thursday, down around 0.4%, while U.S. West Texas Intermediate (WTI) stood at $50.85, around 0.2% higher.
Source Article from https://www.cnbc.com/2020/02/06/coronavirus-latest-updates-china-hubei.html
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