Russian Deputy OilMin: OPEC+ members remain in contact

Dhwani Mehta FXStreet

In an interview with the Russian media outlet, Interfax (IFX), the country’s Deputy Energy Minister Pavel Sorokin said that the OPEC and its allies (OPEC+) remain in contact despite the fallout in the oil output cut policy in February.

He predicted that the US oil production could fall by 1.5mln b/d in 2020 with the oil price at $30-$35 barrel.

Oil price reaction

Oil prices are trading mixed so far this Friday, with WTI up nearly 1% at $22.80 while Brent oil drops by that much to trade around the 26 mark.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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