From 100 to 150 million dollars a day will amount to losses of Russia due to the collapse of the deal, OPEC+, says the co-owner of LUKOIL Leonid Fedun. This figure, according to him, is obtained when the volume of the Russian export five million barrels per day and expected falling oil prices to 60 dollars per barrel while maintaining the deal with OPEC to around $ 40 per barrel.
on the Eve of Russian energy Minister Alexander Novak on the results of intensive negotiations, OPEC+ announced that from 1 April, the transaction will cease to exist. Commitments to reduce the production of the participants in the transaction will be no more, according to RIA Novosti.
According to Novak, collaboration OPEC+ will continue in the framework of the Charter on permanent cooperation. Former partners in the transaction will follow the market format of the Ministerial monitoring Committee.
the night Before after OPEC+ are unable to agree on production cuts, the price of April contracts for WTI dropped more than 10 percent to 41.23 percent. The price of the may contract for North sea petroleum mix of Brent fell by 9.4 percent to 45.29 per barrel.
At the same time, according to the OPEC Secretary Mohammed Barkindo, the absence of an agreement the day before does not mean the failure of negotiations. According to him, the meeting had long discussed proposal to reduce production by half a million barrels a day. In the end, Friday’s meeting “was made a painful decision to postpone the negotiations, but consultations will continue,” he added.