Business

Oil slides as OPEC ties supply cut to Russia; Moscow said to only back limited move

 

Oil prices fell on Friday, pulled down by OPEC’s move to delay a final decision on output cuts as its awaits support from heavyweight supplier Russia, which is reported to not want to reduce its output by more than 150,000 barrels per day (bpd). International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.40 per barrel at 0704 GMT, down 66 cents, or 1.1 percent from their last close.

The declines came after crude slumped by almost 3 percent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.

Russia wants to cut its oil output by a maximum of 150,000 bpd for the first three months of 2019, RIA news agency cited a source as saying on Friday.

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