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Thursday 12 March 2020

OPEC+ Technical Committee Meeting Cancelled

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MOSCOW (TASS) — The meeting of the OPEC+ Joint Technical Committee (JTC) scheduled for March 18 is cancelled, a source in one of the delegations told TASS on Thursday.

Saudi Arabia earlier refused to participate in the Committee’s meeting.

OPEC+ agreement participants failed to decide on further oil production cuts in view of the falling demand due to the coronavirus spread last week. All the limitations on oil production will be lifted from April 1.

Earlier the Politico newspaper reported that US President Donald Trump spoke with Russian officials this week following the collapse in energy prices on world markets. However, Kremlin Spokesman Dmitry Peskov has denied reports that Trump recently contacted Kremlin to discuss the situation with the oil price decline.

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