Supplement, Oil & Energy

Oil prices nosedive after OPEC+ deal collapses

Published : 07 Mar 2020 08:44 PM | Updated : 07 Sep 2020 07:04 PM

Oil prices have plunged to multi-year lows on Friday (local time) after a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, collapsed in Vienna.  With no deal on additional production cuts, the meeting between OPEC and its partnering countries, known as OPEC+, concluded on Friday (local time), reported Xinhua.

The West Texas Intermediate (WTI) for April delivery decreased by 4.62 US dollars, or 10.07 percent, to settle at 41.28 dollars a barrel on the New York Mercantile Exchange. On the London ICE Futures Exchange, Brent crude for May delivery fell 4.72 dollars, or 9.44 percent, to settle at 45.27 dollars a barrel.

Earlier on Thursday, OPEC recommended additional production cuts of 1.5 million barrels per day from the beginning of next month until the end of the year.