Opec+ in limbo by Saudi, Russia split on oil cut

Riyadh and Moscow were far apart after Wednesday’s meeting of the Opec Joint Ministerial Monitoring Committee (JMMC) in Vienna, delegates said

VIENNA: Opec+ found itself stuck yet again, after a day of talks ended with its two most important members split over whether they should deepen production cuts to offset the huge demand hit from the coronavirus epidemic.

With oil prices down more than 20% since the beginning of the year, the debate between Russia and Saudi Arabia was being closely watched across the energy industry. The fortunes of resource-dependent economies from Africa to Asia, as well as corporate giants like Exxon Mobil Corp and shale drillers in Texas, could turn on the cartel’s decision.