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Oil drops to $ 49, a critical agreement for OPEC today
- Time: 03/26/2020 11:30:00
- Reading: 910 times
- Categories: Economic news, mobile news
{International: Al Furat News} Oil fell 1 percent on Friday, as fears erupted around the global demand for crude and economic growth due to the outbreak of the Coronavirus, in light of the lack of agreement from producers outside OPEC yet on further production cuts to support prices.
By 0735 GMT, Brent crude was down 49 cents, or 0.98 percent, to $ 49.50 a barrel, while U.S. West Texas Intermediate crude fell 46 cents, or 1 percent, to $ 45.44 a barrel.
On Thursday, the Organization of Petroleum Exporting Countries (OPEC) urged to cut production with its allies - within the group called OPEC + - 1.5 million additional barrels per day until the end of 2020.
This came before the OPEC + meeting scheduled in Vienna on Friday.
OPEC ministers said that non-members are expected to participate in five hundred thousand barrels per day of the total additional reduction. But Russia and Kazakhstan, two members of OPEC +, have said that there is no agreement yet to deepen the cut, which could lead to the collapse of cooperation that has supported crude prices since 2016.
Some analysts expect Moscow to adopt the agreement in the end.
"If it says no, the entire alliance may collapse - and with it any bilateral trade or planned new investment deals as well as the strategic leverage Moscow has gained by participating in the production agreement," said RBC Capital Markets in a research note.
“There will be a high-level call fever between Moscow, Riyadh and Abu Dhabi to conclude the deal.”
Ammar Al-Masoudi ended
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