Russia could be up holding up a decision on whether OPEC+ will make emergency production cuts.
Analysts said Moscow's apparent reluctance to make further production cuts seems to have delayed a technical committee's recommendation to OPEC+ on whether to hold an emergency meeting.
At the same time, the committee has been meeting in Vienna this week, and there have been high level discussions between Russia and Saudi Arabia, analysts said. Oil futures were up as much as 4% Wednesday on expectations the group could recommend a broader cut, as well as speculation about a possible drug for the coronavirus. However, the group meeting in Vienna Wednesday is a technical group and will have to recommend to ministers whether they hold an emergency meeting to cut production, and by what amount they should cut.ended Wednesday up 2.3% at $50.
"The speculation is that the Saudis are pushing for a minimum of 500,000 barrels," said Kilduff. "The Russians apparently are balking." Flights to China and now Hong Kong have been canceled. Two cruise ships now sit in Asian ports as passengers potentially exposed to the virus are quarantined, raising concerns about the cruise industry in general.
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