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Russia rejected a new round of oil production cuts proposed in response to coronavirus, and OPEC+ talks failed on Friday. Novak said no member was now obliged to lower output from April 1, and the meeting was adjourned.
Removing the obligation to cut output from April raises the risk of a supply glut as demand contracts, which pressures crude prices. The breakdown also threatens the Russia-Saudi alliance that has steadied the market.
themoscowtimes.comAFP6 mar 2020Tras 250 eventos bajista de geopolítica pasados, Petróleo crudo (Brent) se movió una mediana de -3,1 % en 5 sesiones (36% al alza; mitad central entre -7,9 % y +1,6 %), y -5,5 % en 20.
Tras 255 eventos bajista de geopolítica pasados, Petróleo crudo (WTI) se movió una mediana de -2,4 % en 5 sesiones (31% al alza; mitad central entre -7,0 % y +1,7 %), y -5,0 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Russia rejected deeper OPEC+ cuts on March 6 and the talks failed, removing the supply-restraint framework and triggering the WTI selloff that day.
Russia rejected the cuts and Novak said no member was obliged to lower output from April 1, a direct supply shock that fed the crude selloff.
Russia rejected new production cuts and said no member was obliged to cut from April 1, removing supply discipline and weighing on crude.
