Oil is now a 'bigger problem for markets than the coronavirus,' analyst says
Many on the Street expected OPEC to step in with deeper production cuts in an effort to prop up prices. But after talks collapsed on Friday — OPEC ally Russia refused to agree to the proposed additional production cuts of 1.5 million barrels per day — there could now also be issues on the supply side.
"As from 1 April we are starting to work without minding the quotas or reductions which were in place earlier," Russian Energy Minister Alexander Novak told reporters Friday at the OPEC+ meeting in Vienna, before adding, "but this does not mean that each country would not monitor and analyze market developments."
WTI is currently in bear market territory after falling 38% from its recent high, and analysts say prices still have further to fall.
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