March 4, 2020 / 5:14 PM / in 25 days

OPEC+ panel gets no Russian agreement for deeper oil cuts: sources

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) on a flag at the oil producer group's headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo

VIENNA (Reuters) - A panel of several ministers from OPEC, Russia and other producers failed on Wednesday to clinch an agreement about whether to make additional oil output cuts to prop up tumbling crude prices, an OPEC source said.

The source said Russia, which has been resisting additional cuts that are backed by Saudi Arabia and others, proposed keeping existing cuts by the group known as OPEC+ until the end of the second quarter, while some OPEC producers wanted extra cuts of 1 million to 1.5 million barrels per day (bpd).

Russian Energy Minister Alexander Novak, who had held talks with his Saudi counterpart earlier on Wednesday, left the meeting of the oil panel, known as the Joint Ministerial Monitoring Committee, after more than three hours of talks.

Reporting by Rania El Gamal; Editing by Edmund Blair

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