Russian energy minister, Alexander Novak, comments
- Our decision on OPEC+ recommendation will be in a matter of days
In case you missed it yesterday, the OPEC+ joint technical committee is reported to have recommended an additional 600k bpd worth of cuts in light of falling demand due to the coronavirus outbreak situation.
Russia still has not gotten on board with the idea just yet but I reckon that may not be the only problem. Even if the bloc agrees to the cuts, who is going to perform them? Unless Saudi Arabia takes on that responsibility, it is hard to see other countries complying.
