Oil exporters fail to agree on output cut in spite coronavirus worries

Major oil exporters, on Friday could not agree to reduce their output to counter-balance the economic effects of the coronavirus epidemic, the Organisation of the Petroleum Exporting Countries (OPEC), said.

OPEC had proposed an output cut of 1.5 million barrels per day (bpd), or around 1.5 per cent of global production, that would have been implemented by the 14-member cartel and Russia-led group of 10 allied countries.

The 24 countries not only failed to agree on further curbs, but also could not find consensus on prolonging a previous cut of 2.1 million bpd decided in December and would now run out at the end of March.

However, Saudi Arabia pushed for further cuts, but failed to win Russia’s support.