OPEC may increase production reduction

                                                                                    INQUIRY

      Whether Russia supports it or not, the organization of the Petroleum Exporting Countries (OPEC) is likely to agree to increase production cuts this week to prevent crude oil prices from continuing to decline as a result of the global new crown epidemic, two sources familiar with the situation said.
Sources pointed out that Russia refused to further reduce production, saying that the Saudi led OPEC and its allies may not be able to activate oil demand.
Russian President Vladimir Putin said Sunday that the current oil price is acceptable for Russia's budget and that Russia has sufficient resources to fight the deterioration of the global economic situation.
"Saudi Arabia wants to stop the decline in oil prices, but Russia still disagrees. So the only way out may be for OPEC to cut production on its own, which will send a bad signal to the market, "one of the sources said.
"Production should be cut, there is no other option," another source said, adding that OPEC's other option may be to postpone a decision until low oil prices force the Russian government to join in further cuts.
OPEC and oil industry sources said Friday that in order to stabilize oil prices, OPEC members discussed another 1 million barrels / day cut in production in the second quarter of 2020.


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