Russia rejects OPEC production cuts

Russia is reported to have rejected the proposed OPEC cuts of 1.5M b/d, Reuters reports.

Yesterday OPEC ministers agreed to proposed cuts of 1.5M b/d until the end of 2020, in addition to the existing 1.7M b/d of cuts which are due to expire at the end of March. The proposal was for OPEC members to cut 1M b/ d and non-OPEC members to cut 500K b/d.

If Russia does not agree to the cuts, it is unclear if OPEC will continue with any production restraint on its own.