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Russia proposes to extend agreement with OPEC+

March 12, 2020 (MLN): Russian Prime Minister has declared that his country was not the initiator of withdrawal from the OPEC agreement.

Russia has proposed to extend the agreement with the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+ until the end of the second quarter of the year or the end of 2020 to try to evaluate the real impact of coronavirus on demand for oil despite the escalating war for market share.

To recall, after oil plunged by almost three decades on Monday, Saudi Arabia failed to secure Russia’s support for cutting output at a meeting of OPEC
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