During the talks held at OPEC headquarters in Vienna, Russia and Saudi Arabia were unable to agree on reducing oil production.
According to Kommersant, the countries approached the meeting with the most serious differences since the conclusion of the Pact in the fall of 2016.
Countries were trying to agree on whether to further reduce production amid lower oil prices due to the coronavirus outbreak.
Last week, the price of Brent oil fell below $50 for the first time since the summer of 2017.
Moscow, as before, was in favor of extending the deal on current terms until the end of the second quarter. Saudi Arabia also sought a reduction of 1.5 million barrels per day (b/d). As a result, Russian Energy Minister Alexander Novak left the meeting, and the meeting of the Monitoring Committee continued without the participation of the Russian side.
GSV "Russia - Islamic World"
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