Russia has failed to support deeper crude oil production cuts in the meeting between OPEC members and its allies to balance the oil market against the negative impact of coronavirus, according to the country's news agency TASS late Wednesday.
Russia and Kazakhstan did not support the idea of raising production cuts by another 1.5 million barrels per day (bpd) for the second quarter, TASS reported.
The two countries are members of non-OPEC oil producing nations that met with OPEC producers on Wednesday in Austrian capital Vienna as part of the OPEC+ Joint Ministerial Monitoring Committee (JMMC).
Russian Energy Minister Alexander Novak left the JMMC meeting before it was over, according to TASS. However, he is expected to return on Friday to attend the OPEC+ ministerial meeting.
OPEC and its allies, dubbed as OPEC+, have already agreed to cut their total oil production by 1.7 million bpd from the beginning of 2020 until the end of June.
While OPEC heavyweight Saudi Arabia has agreed an additional voluntary cut of 0.4 million bpd, it has tried to convince other OPEC+ members of the necessity to apply extra cuts of 1.5 million bpd for the second quarter of 2020, and to extend the existing cumulative output curb of 2.1 million bpd until the end of this year.
By Ovunc Kutlu