Igor Sechin, head of state-controlled oil company Rosneft, was a fierce critic of Russia’s modest contribution to previous reductions. I can imagine how he’ll react when he’s told his company has to cut output by almost 1 million barrels a day by May 1.(File pic shows Putin and Igor (right).)
AFTER two days of high drama, low farce and long periods of tedium, the Opec+ group of countries, led by Saudi Arabia and Russia, almost agreed to cut their oil production by an initial 10 million barrels a day in response to the coronavirus-triggered collapse in demand. That “almost” is important.
The drama was provided by Mexico refusing to accept its allotted cut. The farce followed when the country’s oil minister left the virtual Opec+ meeting to hold separate talks with her US and Canadian counterparts, while the other energy ministers agonised for hours over how to respond. The tedium? Well, that was just the bits in between.
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