The world oil price drop continues…

The world oil price drop continues, reaching $ 47.52 a barrel Countries of agreement of the Organization of Petroleum Exporting Countries (OPEC) and those not included in it have so far failed to agree on the level of expected output reduction following the outbreak of Coronavirus. Russia reportedly refuses to give the green light to deeper supply cuts since the global financial crisis, while oil prices continued to plummet by about 4 percent as Reuters reported that Moscow would not be ready to approve a cut. further production, the Telegraph conveys. Instead, Russia favored an extension to the current level of production cuts. Crude oil is currently trading at $ 47.52 a barrel and has fallen more than 31 percent since January’s sharp rise. OPEC has recommended additional production cuts of 1.5 million barrels per day, starting next month by the end of 2020, and the 14-member group is scheduled for a meeting on June 9 to review the policy. But the proposal was conditioned on manufacturers not involved in the OPEC deal, including Russia.

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