Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging price war.
FILE PHOTO: An OPEC sign outside the headquarters of the Organization of the Petroleum Exporting Countries , Austria, December 6, 2019. REUTERS/Leonhard Foeger/File Photo
One of the reasons for the breakdown of the deal between OPEC and other producers, a group known as OPEC+, was Russia’s reluctance to support bigger curbs to output. He and Energy Minister Alexander Novak were Russia’s top negotiators for the previous OPEC pact, which officially expires on March 31.Though the United States is the largest oil producer not included in OPEC+, the idea of Washington cooperating with other oil exporters has long been considered unlikely, not least because of U.S. antitrust laws.
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