 An oil refinery in Belarus (Photo: Vasily Fedosenko/Reuters) |
Ministers met in Vienna to come up with measures to prevent a severe oil price collapse. Saudi Arabia, OPEC’s biggest oil exporter, called for every oil producer to cut an additional 1 to 1.5 million barrels per day, and extend the agreement to cut 2.1 million barrels per day till the end of the year.
Russia has yet to agree to deeper oil cuts, saying they have only considered extending the previous agreement.
An oil refinery in Belarus. OPEC’s proposed cuts are higher than most analysts expected but seem unlikely to change the gloomy sentiment in the oil market.Credit...Vasily Fedosenko/Reuters