on production cuts Friday, March 6, after Moscow refused to tighten supply to counter the effects of the outbreak, sending oil prices tumbling.
"They've got a different view of the market than the Saudis or OPEC," he said, adding that the Russian economy is more diversified than that of most OPEC nations, and less dependent on oil. "The Russians have decided to employ a scorched-earth policy," said John Kilduff of Again Capital, adding that Moscow was"at a point where they're wondering why they are supporting US producers."
At their last meeting in December, the producers agreed to cut production by a further 500,000 barrels per day, with Saudi Arabia offering 400,000 barrels of"voluntary" cuts.The cuts announced in December initially had the desired effect of an uptick in prices but the epidemic has since sent them plunging lower again.
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