NOPEC! Oil prices plummet after Russia rejects new crude production cuts ...United Arab Emirates

Russia Today - News
NOPEC! Oil prices plummet after Russia rejects new crude production cuts
source : Russia Today ( United Arab Emirates ) () 63
Moscow has refused to back the Organization of Petroleum Exporting Countries (OPEC) in extra reductions in oil output and would only agree to extend existing cuts, TASS reported on Friday, citing its own sources. According to the sources, Russia has rejected any offers on additional output cuts during informal consultations in Vienna on Friday. Moscow has long indicated it would back an extension of the current agreement but not new cuts. Iranian Oil Minister Bijan Zanganeh, whose country is a member of OPEC but is exempted from any curbs, said OPEC was still working with Russia and other non-OPEC states to reach a deal.

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